February 18, 2020 / 10:39 PM / a month ago

Guyana produced 35,607 bpd of oil in December -finance ministry

GEORGETOWN, Feb 18 (Reuters) - Guyana produced 35,607 barrels per day (bpd) of oil in December, following inauguration of production in the country by a consortium led by U.S. oil major Exxon Mobil, the finance ministry said in a report.

The government chose to receive its 2% royalty from the oil output in cash. The ministry said the consortium - which also includes Hess Corp and China’s CNOOC Ltd - would pay the royalty later this year from its share of profit oil, a reference to the value of the crude the companies produce beyond cost recovery. (Reporting by Neil Marks Writing by Marianna Parraga and Luc Cohen Editing by Chizu Nomiyama)

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