Exxon loaded first crude cargo from Guyana on the weekend

The first-ever cargo of Guyana’s crude for export began loading on the weekend so the oil can be processed at Exxon Mobil’s refining system in America.

In making the announcement, Exxon reports that it is entitled to the first two crude cargoes to be exported from the Liza field in Guyana, which it shares with US-based Hess Corp and China’s CNOOC.

Exxon Mobil is the largest publicly traded international oil and gas company and holds an industry-leading inventory of resources. In addition, the American based company is also the largest refiner and marketer of petroleum products and our chemical company is one of the largest in the world.

An aerial view of Georgetown, the capital of Guyana.

Exxon has so far made 15 discoveries of oil reserves in Guyana, turning a risky exploration venture into one of the world’s most promising oil mega-projects.

The Exxon-led consortium has discovered more than six billion barrels of recoverable oil and gas resources off Guyana’s coast, which could eventually produce 750,000 barrels per day.

Exxon Mobil is the largest publicly traded international oil and gas company.

Those finds are turning Guyana, an impoverished nation with no history of crude output that borders long time producers Venezuela and Brazil, into a hot property for oil investment.

The tanker Yannis P, flagged by the Marshall Islands, arrived Friday, January 17, in Guyanese waters. It plans to transport up to one million barrels of Guyana’s Liza crude, which would arrive into the United Kingdom in late January, according to Refinitiv Eikon’s vessel tracking data.

A section of the gathering at the reception to observe First Oil. (Photo: dpi.gov.gy)

The shipments following the two Exxon cargoes are to be taken in February by Hess and Guyana’s government. The government already awarded its first three cargoes of Liza crude to Royal Dutch Shell through an open-market tender.