Guyana Oil Producers Ramp Up Exports To Thirsty European Refiners  

 

• Oil producers in Guyana are boosting exports to European buyers seeking alternatives to Russian crude, according to vessel monitoring data.
• Government bans on Russian oil since the invasion of Ukraine have spurred demand for alternative crudes, and Guyanese oil fits refiners from Britain to Italy better than rival Latin American grades do.
• So far this year, 49% of Guyana's total oil exports have headed for Europe, up from 16% in 2021. Cargoes to Europe averaged 110,000 bpd from January through early September, according to Refinitiv Eikon tanker tracking data, more than the entire daily volume shipped to all destinations in 2021.
• On Thursday, Hess CEO John Hess told investors that Guyana wants "to move forward as expeditiously as possible." A development plan for the consortium's fifth project, Uaru, will be submitted for government approval later this year, he said.
• Guyana is now producing two crudes: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold. By 2027, the Exxon-led consortium, which only in 2019 inaugurated output, expects to pump 1.2Mn bpd. Guyana is expected to schedule an auction of oil and gas soon.
• The increased demand for the country’s oil will continue to benefit the country’s revenue stream and contribute to overall economic growth.

(Source: Reuters)