GEORGETOWN — Royal Dutch Shell won the rights to market Guyana's first cargoes of crude oil, the government said on Tuesday, just days after oil production began and launched the impoverished South American country into the ranks of world suppliers. An Exxon Mobil-led consortium, which includes Hess Corp and China's CNOOC Ltd, began producing crude from the Liza well on Friday. Guyana has no history of oil production, nor any domestic refining capacity, so it launched an auction last week to sell three cargoes the government is entitled to under the contract. It plans to search for a partner for a longer-term deal to market the government's share of crude early next year. The Shell deal represents an important first test for Liza crude, a light, sweet grade that could pose new competition for U.S. shale.

Source: International New York Times December 24, 2019 14:48 UTC