Forbes has ranked Guyana as the 5th largest crude oil producer in the Latin American (LATAM) region. Guyana comes “after Brazil, Mexico, Venezuela, and Colombia,” Forbes said in a March 12 article.
“That’s as ExxonMobil, and its partners Hess Corp and China’s CNOOC, continue to improve production from the country’s offshore Stabroek Block. The oil play is among the most promising ones in the world where more than 11 billion oil-equivalent barrels have been discovered to date,” Forbes said.
Crude oil exports from Guyana averaged about 582,000 barrels per day (bpd) last year, up from 62% in 2023.
U.S., Europe vie for Guyanese crude as Mexican exports decline, analysts say | OilNOW
Most of it is being eaten up by Europe; Guyana’s sweet, light crude oil is well-suited for refining. With low sulfur content (~0.5% or less) and high API gravity (above 30° API), it yields a higher proportion of lighter hydrocarbons.
In January this year, 20 oil shipments, each around million barrels, were exported from Guyana. Vessel tracking data shows that 15 went to Europe, with seven reaching the Netherlands. The rest were sent to Spain (1), Italy (3), Sweden (2), Romania (1), and the UK (1).
Outside of Europe, three shipments went to Panama, one to Brazil, and one to Aruba, a Dutch Caribbean territory. Eight shipments each came from the Liza Unity and Prosperity FPSOs, with 14 heading to Europe and two to Panama. Of the four lifts from Liza Destiny, three went outside of Europe, while one went to the Netherlands.
European refiners have favored Guyana’s crude since Russia’s invasion of Ukraine disrupted global oil markets.
