Tankers taking off crude from ExxonMobil’s Stabroek Block went mostly to Europe in January.
According to Guyana’s Maritime Administration Department (MARAD), 20 lifts—each consisting approximately a million barrels— were taken off in January. Fifteen of them went to Europe, based on information from vessel tracking services—Vessel Finder, Marine Traffic, and Maritime Optima.
Seven of the 15 lifts went to the Netherlands, while the others went to Spain (1), Italy (3), Sweden (2), Romania (1), and the United Kingdom (1).
Of the five lifts that went to destinations outside of Europe, three went to Panama and one to Brazil. Aruba, a Caribbean constituent of the Netherlands, also received a lift.
Eight lifts each were taken from the Liza Unity and Prosperity floating production, storage and offloading (FPSO) vessels. Fourteen of them went to Europe, while one lift from each vessel went to Panama.
Three out of four Liza Destiny lifts went to ports outside of Europe; one went to the Netherlands.
Europe has favored Guyana’s crudes for several years. The continent had sought to diversify its crude imports after Russia’s invasion of Ukraine sent markets into a tailspin. Reuters reported in January that in 2023, 62% of Guyana’s crude exports went to Europe, rising to a 66% share in 2024. This information was based on shipping data from the London Stock Exchange Group (LSEG).
All crude extraction in Guyana is done at the Stabroek Block. ExxonMobil operates the asset with a 45% stake, while Hess has 30% and CNOOC has 25%. While crude oil production averaged 616,000 barrels per day (b/d) in 2024, the frequency of the lifts in January indicates that production remained stable and well above 600,000 b/d in January.
The lifts are divided between ExxonMobil, Hess, CNOOC, and the Guyana government, based on a production sharing agreement (PSA). Guyana’s share is traded by two British firms that were hired for a second year last October, in a deal that requires them to pay the government a premium for every barrel they sell. BB Energy trades crude from the Liza Unity and Prosperity. JE Energy trades crude from the Liza Destiny. The traders got Guyana US$2.2 billion from crude sales last year.
