- Europe is displacing Asia as the highest purchaser of the nation’s oil
- Guyana’s oil export revenues reached 1.1 billion final yr
- The nation’s each day crude oil exports averaged 266,000 barrels in 2022
HOUSTON/GEORGETOWN, Jan 13 (Reuters) – Guyana’s oil exports rose 164% final yr, boosted by rising manufacturing and demand for the latest Latin American oil producer’s mild candy crude, particularly in Europe, the place thirsty refiners ramped up imports to switch Russian provides.
Since a consortium led by Exxon Mobil ( XOM.N ) started pumping in late 2019, Guyana’s shipments have surged, bringing the South American nation’s oil export income to $1.1 billion final yr, in line with official figures offered to Reuters.
The federal government’s $1.1 billion share of oil income rose sharply from a mixed revenue and royalties of $409 million in 2021. Excessive international costs pushed its estimate above the nation’s unique income forecast of $958 million.
Guyana, among the many smallest and most underdeveloped nations in South America, plans to make use of its oil wealth to industrialize, including a gas-fired energy plant, new roads and photo voltaic power tasks.
Following the start-up of Exxon’s second floating manufacturing vessel final February, manufacturing surged and exports flowed as European refiners sought options to Russian oil within the wake of the Ukraine invasion.
Guyana produces about 360,000 barrels of oil per day (bpd) and goals to extend manufacturing to 1.64 million bpd by the top of the last decade.
Guyana’s exports averaged 265,693 bpd final yr, greater than double the 100,645 bpd in 2021, in line with delivery knowledge from Refinitiv Eikon. Europe was the biggest recipient, taking 49% of cargoes. Its volumes surpassed Asia, which had beforehand been the primary vacation spot, taking 34% final yr.
BUYER LIST EXPANDS
Producers additionally discovered new prospects for the nation’s two crude grades, which despatched greater than 6 million barrels to neighboring Brazil, the information confirmed.
Final yr, the Guyanese authorities acquired 13 cargoes out of the roughly 100 exported. The overall exports represented over $8 billion in gross oil income, based mostly on Reuters calculations.
In November, Guyana awarded BP ( BP.L ) a 12-month contract to market the federal government’s share of crude oil. Its pure useful resource fund ended 2022 with a stability of $1.43 billion, greater than double the $607.6 million on the finish of the earlier yr, in line with official figures.
(This story has been retweeted to say gross income is $8 billion, not hundreds of thousands, in episode 9)
Reporting by Marianna Parraga in Houston and Neil Marks in Georgetown; modifying by David Evans
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