Most of the exports of Guyana’s Liza Crude were shipped to Asia, especially China, and the U.S. last year, data from Kpler shows. However, according to Platts, since late last year, more of the shipments went to Panama, although those volumes are believed to be moving from there to China and other Asian nations.
“Exports to the US declined this year, but they have picked up to Europe, especially the Netherlands,” Platts said, referencing Kpler data.
ExxonMobil began producing the medium sweet Liza Crude in December 2019. The Liza blend has an API of 32.1 degrees and sulfur content of 0.510 percent.
“This light to medium, sweet crude is expected to attract the interest of refineries in the US Gulf Coast, Europe and China,” IHS Markit has said. “As freight rates increase, West African crudes with an API gravity range of 28-36° have decreased in the US by 60% since 2016. A continued decrease could occur as USGC refineries look towards Guyana’s crude as a closer alternative.”
Two 1-million-barrel cargoes were loaded offshore Guyana in May, each of which was sent to the Trans-Panama Pipeline Atlantic terminal. Kpler data shows Liza Crude regularly being exported from the Pacific terminal to Asia.
Spot market Liza Crude price differentials have also tightened recently. Liza was assessed at a 73 cents/b discount to the Dated Brent strip June 8, up from a $1.05/b discount in early April, a Platts assessments show.