Guyana's Golden Arrowhead: A New Era for Oil Exportation
Guyana is poised to export its first crude cargo from a new facility, boosting its production capacity significantly. Managed by Exxon Mobil, Hess, and CNOOC, the facility will contribute to Guyana’s rising prominence in the oil export sector, potentially reaching 1.7 million bpd by 2030.
The inaugural crude cargo from Guyana's latest oil production facility is set to embark on its journey from late August to early September. The development marks a significant milestone for the consortium led by Exxon Mobil, Hess, and CNOOC, controlling the country's oil and gas output. The government, alongside these firms, will profit from the shares of production.
The floating facility, known as One Guyana and crafted by SBM Offshore, is on the verge of initiating production. It promises to expand the consortium's output capability to over 900,000 barrels daily. The facility will contribute to the global market with a new crude grade, 'Golden Arrowhead,' comprising an initial shipment of 1 million barrels.
Guyana has rapidly ascended to become the fifth-largest oil exporter in Latin America, following the commencement of crude exports in 2020. The country's oil exports surged by 54% last year, driven by the European demand for sweet crudes. By 2030, Guyana anticipates elevating its output capacity to 1.7 million bpd.
(With inputs from agencies.)
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