Royal Dutch Shell PLC RDS.A recently announced that in the auction conducted by Guyana, it has succeeded in acquiring the first three deliveries of the government’s share of the country’s crude oil production. With this deal, Shell will expand its footprint in the oil market of Guyana, thereby spurring growth in the Latin American country’s oil marketing space.
A total of nine bidders placed their bids. However, Shell Western Supply and Trading was finally chosen as the most successful bidder. Apart from Shell’s competitive pricing, the wide reach of its trading arm, Latin American footprint and “willingness to share critical refinery information” with the department, tilted the scale in the supermajor’s favour.