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The Suezmax 'YANNIS P' is continuing her voyage to the US Gulf.
This is Guyana's first shipment. The tanker loaded around one
million b/d of crude oil from the South American producer and is
heading to Galveston, according to oil major Exxon Mobil. The debut
of Guyana's seaborne exports is rather significant for the regional
market, as the producer will add significant output capacity
together with Brazil's recent offshore additions, while US
sanctions on Venezuelan barrels are still in place.
Exxon Mobil, together with China's CNOOC and Hess Corp have
commenced producing crude oil in Guyana last month, ahead of
schedule. The country's Stabroek block is estimated to hold more
than six billion barrels of recoverable oil and gas. This oil
tanker lifted the first crude oil barrels of Liza, a sweet light
grade. Shipments are expected approximately every 10 - 12 days from
Phase 1 of the Liza Development.
The country, together with the US, Norway and Brazil, could
prove to become one of the major drivers of global supply growth
this year. The Suezmax sector could benefit the most, with three
full cargoes added to global demand per month since phase 1.
As data by IHS Markit Commodities at Sea
suggests, the first cargo of Gyana could reach it's destination by
the end of January or early next month.
Posted 24 January 2020 by Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime, Trade & Supply Chain, S&P Global Market Intelligence
