(Adds details, context)
GEORGETOWN, Dec 24 (Reuters) - Guyana said on Tuesday that
Royal Dutch Shell's trading unit had won the rights to
market the government's first three cargoes of crude oil, just
days after oil production began off the South American country's
coast.
An Exxon Mobil-led consortium, which also includes
Hess Corp and China's CNOOC Ltd, began
producing crude from the Liza well on Friday. The companies have
discovered more than six billion barrels of recoverable oil and
gas in the Stabroek block, where Liza is located.
Guyana has no history of oil production nor any domestic
refining capacity, so it launched an auction last week to sell
the first 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.
In a statement, Guyana's Department of Energy said Shell
Western Supply and Trading had been chosen from a group of nine
listed international oil companies that presented proposals
because its "competitive pricing" would protect the government
from volatility.
The government added that Shell demonstrated "willingness to
share critical refinery information" to help it understand
characteristics of Liza's crude, a new grade.
The Department of Energy did not reveal the price at which
it had sold the cargoes to Shell.
"The sale has been premised on a Dated Brent price basis
which reflects the tradable, spot market value of crude oil,"
the statement read.
(Reporting by Neil Marks; Writing by Luc Cohen. Editing by Jane
Merriman and Mark Potter)