Guyana exported a record 28 crude oil cargoes in October, its highest monthly total to date, as offshore production continued to climb with ExxonMobil’s new Yellowtail project. Data compiled from the Maritime Administration Department (MARAD) and ship-tracking platforms MarineTraffic, VesselFinder and Maritime Optima show that Guyana’s barrels reached 14 countries.
Each cargo is typically a million barrels of crude oil.
The United States, Panama and the Netherlands took the highest number of crude oil lifts, at four each. However, both Panama and the Netherlands commonly function as transshipment and redistribution hubs, meaning some of the crude that lands there is rerouted to additional markets.
Oil exports largely responsible for Guyana’s trade surplus with U.S.
Europe continued to dominate, receiving 14 of the 28 cargoes, with shipments heading to the United Kingdom, Spain, Germany, Italy, Poland, Croatia and Turkey. Guyana’s barrels also moved to China, Colombia, Brazil and the Bahamas.
October’s record 28 cargoes, up from 23 in September, reflect the strong ramp-up of Yellowtail, ExxonMobil’s fourth producing project. Yellowtail reached its full 250,000 barrels of oil per day (b/d) production capacity in November, helping push total output from the Stabroek Block to 900,000 b/d, Exxon said last week.
Exxon is the operator of the prolific Stabroek Block where all of Guyana’s crude is currently being produced. The U.S. oil major has a 45% stake in the block with co-venturers Hess (recently acquired by Chevron) holding 30% and CNOOC, the remaining 25%.
