Panama and the Netherlands emerged as the top destinations for Guyana’s crude oil exports in the first quarter of 2025, each receiving 14 cargoes of approximately one million barrels.
This was derived using shipping data compiled from Guyana’s Maritime Administration Department (MARAD) and vessel tracking services (Marine Traffic, Vessel Finder, and Maritime Optima).
The data shows that 54 crude lifts were made from three ExxonMobil-operated floating production, storage and offloading vessels (FPSOs) offshore Guyana during the January to March period. In terms of monthly breakdowns, 20 lifts were recorded in January, 16 in February, and 18 in March.
Crude production in the South American nation averaged 620,000 barrels per day (b/d) in January and 648,000 b/d in February, according to government data.
Tanker movements show a broad geographical distribution of Guyana’s light to medium sweet crude, with European countries receiving the largest share—29 of the 54 cargoes, or about 54%. This continues a trend of European refiners turning to alternative suppliers like Guyana to replace Russian barrels after it invaded Ukraine in 2022. Reuters reported that in 2023, 62% of Guyana’s crude went to Europe, rising to 66% in 2024, based on data from the London Stock Exchange Group.
Aside from Panama and the Netherlands, other key country destinations in the first quarter were Italy, Spain, Turkey and the United States.
Though most tankers took on single cargoes, three vessels—Red Nova, Cobalt Nova, and Blue Nova—executed double lifts, each taking on two cargoes from separate FPSOs before departing. The Blue Nova and Red Nova transported double cargoes to the Netherlands, while the Cobalt Nova did the same for Panama.
All crude production in Guyana is currently conducted in the offshore Stabroek Block, where ExxonMobil operates with a 45% stake, alongside Hess (30%) and China’s CNOOC (25%).
