January 19, 2024
U.S. imports first cargo of Guyana’s Payara Gold crude
The United States of America has imported a cargo of Guyana’s Payara Gold crude for the first time, according to data from U.S. Customs and S&P Global Commodity Insights. On January 10, the Maran Hermes docked in Morgan City, Louisiana, with the one million-barrel cargo that China’s CNOOC had shipped and assigned to ExxonMobil.
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The Maran Hermes departed from the Prosperity floating production storage and offloading vessel (FPSO) on December 28, reaching the LOOP Terminal on January 11, according to data from S&P Global Commodities at Sea.
Payara is the third crude grade produced from the expansive 6.6-million-acre Stabroek Block, with production commencing on November 14.
According to S&P Global, Guyana’s February loading program reveals six Payara Gold cargoes. ExxonMobil is slated to load three, CNOOC two, and Hess one. This contrasts with five cargoes of Unity Gold crude and three cargoes of Liza. For Unity Gold, ExxonMobil, CNOOC, and Hess will load two, two, and one cargo, respectively. ExxonMobil will also handle two Liza cargoes, with the government of Guyana taking charge of one.
Payara, identified as the heaviest medium-sweet crude from Guyana, boasts an API of 28 and a sulfur content of 0.58%, as per ExxonMobil’s assay. Despite its heavier nature compared to Liza’s, Payara crude is gaining a reputation for having a greater distillate yield, a feature highly coveted by European refiners. It should be noted that Europe is the primary destination for Guyana’s crude exports.
The imported cargo’s value, assessed by Platts, is at a US$0.75 per barrel discount to the Latin Dated Brent Strip, marking a US$0.15 per barrel increase.