Guyana's 'Golden Arrowhead': Next Big Player in Latin American Oil Exports

Guyana is poised to export its inaugural shipment of crude oil from its fourth production facility between late August and early September, as confirmed by the government to Reuters. This shipment hails from a consortium led by U.S. companies Exxon Mobil, Hess, and China's CNOOC, which collectively manage all of Guyana's crude and gas output.

The new floating oil production facility, One Guyana, constructed by SBM Offshore, is anticipated to commence production soon. Expected to elevate the consortium's output capacity to over 900,000 barrels per day (bpd), this venture could mark a significant leap in Guyana's oil production endeavors.

The first export of Guyana's light crude grade, named 'Golden Arrowhead,' comprises a million barrels. Boasting a lighter density and low sulfur content, it is earmarked for swift sale by the consortium's partners. Since launching oil exports in 2020, Guyana has rapidly ascended as the fifth-largest Latin American crude exporter, expanding exports by 54% last year.

(With inputs from agencies.)