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US imports first cargo of Guyana’s Payara Gold crude, US Customs data shows – Platts

Third grade to enter production from Stabroek block. Payara heaviest of medium sweet crudes produced in Guyana (SPGCIOil)
Third grade to enter production from Stabroek block. Payara heaviest of medium sweet crudes produced in Guyana (SPGCIOil)

Alexander Saucer , Platts S&P Global

HOUSTON
EnergiesNet.com 01 15 2023

The US has imported a cargo of Payara Gold crude for the first time, US Customs and S&P Global Commodity Insights data show.

China’s CNOOC is listed as the shipper for the 1 million barrel cargo, and ExxonMobil is listed as the consignee. The vessel is the Maran Hermes, listed as arriving to Morgan City, Louisiana, Jan. 10.

S&P Global Commodities at Sea shows the Maran Hermes departing the Prosperity FPSO Dec. 28 and arriving at the LOOP Terminal Jan. 11.

Payara is the third grade to enter production from the 6.6-million-acre Stabroek block in Guyana, with production beginning Nov. 14.

Guyana’s February loading program shows six Payara Gold cargoes, according to a copy of the program seen by S&P Global. That compares with five cargoes of Unity Gold crude and three cargoes of Liza. ExxonMobil will load three of the six Payara cargoes, China’s CNOOC will load two, and Hess will load one, according to the program. ExxonMobil will load two of the Unity Gold cargoes, with CNOOC loading two and Hess loading one. For Liza, Exxon will load two cargoes and the government of Guyana will load one.

Payara is the heaviest of the medium sweet crudes produced in Guyana so far, according to assays on ExxonMobil’s website. Liza, the first grade to come from the ExxonMobil-led consortium, is a 32 API crude, with about 0.58% sulfur. Unity Gold is a 34.5 API crude, with 0.41% sulfur, according to a July 2023 assay. Payara is 28 API and 0.58% sulfur.

Platts last assessed Payara at a 75 cents/b discount to the Latin Dated Brent Strip, up 15 cents/b on the day. Platts launched the Payara assessment Dec. 1, putting the initial value at a discount of $1.90/b.

The US imports of Payara come amid simmering tensions between Venezuela and Guyana, with the two countries agreeing Dec. 14 to maintain a dialogue over disputed territory.

The dispute has escalated recently, with Venezuela’s government holding a referendum Dec. 3 that backed Venezuela’s right to annex the territory. Guyana adheres to the borders delimited by the Arbitration Award of 1899, which Venezuela considers null.

spglobal.com 01 12 2024

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