Brazilian state-controlled oil company Petrobras has bought its first cargo of Guyanese crude for refining domestically, the company told Reuters, as South America's newest producer expands its market reach, said Reuters.
With the start of a second floating production facility in February, Guyana now sells two light and sweet oil grades with plans to pump up to 360,000 bpd this year. The sales are helping the tiny nation rapidly boost its revenue.
"Petrobras constantly monitors the international oil market looking for different suppliers and new production worldwide," a company spokesperson said in a statement.
The 1-MM-barrel cargo of crude loaded last week from the Liza Destiny and departed on Monday onboard the Bahamas-flagged tanker Cascade Spirit. The vessel plans to discharge in Brazil at month's end, according to Refinitiv Eikon data, which did not identify an arrival port.
Since January, Mataripe, an independent refinery operated by Acelen and backed by Abu Dhabi's Mubadala, has bought two cargoes of Liza crude that marked Brazil's first imports of Guyanese oil. Imports of African, U.S. and Middle Eastern light grades often arrive in Brazilian ports to complement refiners' crude diets, according to Eikon data. Most purchases are made by Petrobras, which controls more than 80% of Brazil's refining capacity.
"The selection of crude grades varies depending on economic scenarios, trying to identify those that can meet domestic and international demand of refined products aiming at greater profitability for Petrobras," the company added. Guyana is poised to become an energy powerhouse following discoveries of 11 B barrels of recoverable oil and gas. It exported almost 37 MM barrels last year in only its second year of production. ExxonMobil, operator of the country's two platforms, has said it and partners CNOOC and Hess Corp plan to produce up to 1.2 MMbpd of oil and gas by 2027.
We remind, Petrobras said it has signed a deal with TSE and Toyo Engineering Corp to build a new diesel hydrotreating unit at its Paulinia refinery. The move will require USD458 million in investments and is in line with Petrobras’ 2022-2026 business plan, the company said in a securities filing. Petroleo Brasileiro SA, as the company is formally known, said the hydrotreating unit is expected to enter production in 2025.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
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