CNOOC Ships First Golden Arrowhead Crude from Guyana To China
According to shipping and trade data, China, the world's largest oil importer will receive its first Golden Arrowhead Crude cargo from Guyana by December. Producer CNOOC Ltd is looking to expand markets for this new grade.
CNOOC loaded a million-barrel shipment onto the Very Large Crude Carrier Sophia in November. The cargo will be discharged on December 15 in Huizhou, southern Guangdong Province where CNOOC runs a refinery. Data from shipping analytics firm Kpler showed that the tanker also carries about 800,000 gallons of Liza crude bound for Huizhou.
Guyana has increased its exports after the launch of the fourth floating production facility by the consortium, led by Exxon Mobil. Exxon has Hess, CNOOC and others as partners.
The fourth facility produces Golden Arrowhead. This is a sweet light crude with a density API of 36,5 degrees. It contains 0.25% sulfur. So far, the oil has mainly been shipped to Europe.
Exxon sold two million barrels of oil to Indian Oil Corp, the state refiner, last month.
Kpler data shows that Guyana has reached a record high export of 700,000 barrels per day (bpd) so far in this year. This is up from 622, 000 bpd by 2024. Reporting by Florence Tan
(source: Reuters)
