Payara Gold crude from ExxonMobil’s third Guyana oil development has consistently traded at a marginal premium to its other crude grades in the country so far this year, maintaining a cents-per-barrel lead, according to data from the Ministry of Natural Resources’ Petroleum Management Program.
The premium has remained narrow, typically around 30 cents per barrel above Unity Gold and roughly 60 cents above Liza and Golden Arrowhead, with the relative pricing order unchanged over the period.
On Jan. 1, for example, Payara traded at US$58.81 per barrel, compared with US$58.51 for Unity Gold, US$58.31 for Liza and US$58.21 for Golden Arrowhead. By March 1, the structure held, with Payara at US$74.27 and the other grades trailing by similar margins. Data for March 20, the latest reported by the government, shows Payara at US$113.04 per barrel, followed by Unity Gold at US$112.74, while Liza and Golden Arrowhead were both priced at US$112.54.
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Payara Gold sits at the heavier end of Guyana’s light to medium sweet crude slate, with marginally higher sulfur content than the other grades. The quality differences across the slate are narrow, yet Payara has consistently traded at a slight premium to its sister grades.
Each grade corresponds to production from a specific offshore development in the Stabroek Block, operated by ExxonMobil, with Payara Gold produced from the Prosperity floating production vessel, Unity Gold from Liza Unity, Liza from Liza Destiny and Golden Arrowhead from the Yellowtail development.
Guyana’s offshore output is approaching 1 million barrels per day, with multiple floating production vessels contributing to a growing slate of export grades. The crudes are marketed internationally and priced against the Brent benchmark.
Most shipments are directed to European refiners, alongside volumes exported to the United States and Asia. The four grades are broadly similar light to medium sweet crudes, contributing to the tight pricing differentials observed.
The stability of the pricing order across several months suggests a consistent relationship within Guyana’s crude slate, even as global oil prices have risen. Additional offshore developments are expected to expand the number of grades over time.
