22 C
Georgetown
Wednesday, July 28, 2021

Liza crude heading to China, Netherlands

Must Read

Multi-billion-dollar ‘Port of Vreed-en-Hoop’ facility in the works

Guyanese company NRG Holdings Inc. plans to establish a multi-billion-dollar multi-purpose port facility dubbed the ‘Port of Vreed-en-Hoop’ that...

BREAKING: Exxon makes another major oil discovery offshore Guyana

ExxonMobil today said it made a discovery at Whiptail in the Stabroek Block offshore Guyana. The Whiptail-1 well encountered...

Exxon seeking support vessels for Guyana operations

ExxonMobil Guyana plans to put in place an enabling agreement for the provision and operation of Multi-Purpose Support Vessels...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

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.

OilNOW TV

Latest News

BREAKING: Exxon makes another major oil discovery offshore Guyana

ExxonMobil today said it made a discovery at Whiptail in the Stabroek Block offshore Guyana. The Whiptail-1 well encountered...

Exxon seeking support vessels for Guyana operations

ExxonMobil Guyana plans to put in place an enabling agreement for the provision and operation of Multi-Purpose Support Vessels (MPSVs), Platform Support Vessels (PSVs),...

Multi-billion-dollar ‘Port of Vreed-en-Hoop’ facility in the works

Guyanese company NRG Holdings Inc. plans to establish a multi-billion-dollar multi-purpose port facility dubbed the ‘Port of Vreed-en-Hoop’ that will feature a major shore...

Company building Guyana FPSOs moving forward with floating wind project offshore UK

SBM Offshore announced on Tuesday that The Crown Estate has confirmed an intention to move forward with the lease process for two 100MW floating...

Petroleum Department staff expected to play major role in soon to be established Commission

Authorities in Guyana remain steadfast on bringing on stream the Petroleum Commission and Local Content Policy, two crucial elements of Guyana’s regulatory framework for...

More Articles Like This