SUBSCRIBER NOTE CORRECTION: Platts proposes new crude assessment for Malaysia's Kimanis

(Corrects launch date in subscriber note published December 30, 2015)

Platts proposes to start publishing a daily assessment for Malaysia's Kimanis crude, which has emerged in recent months as one of the most widely traded light, sweet grades in the Asia Pacific spot market. The new assessment would be launched with effect from February 10, 2016.

Exports of the grade began in November 2014 and currently average about 3 million barrels/ month or around 100,000-120,000 b/d.

The daily assessments would be published as an outright number (at Asia close and London close), and as a differential to Dated Brent (at Asia close).

The Platts assessment would reflect Kimanis cargoes for lifting on an FOB basis from Sabah, Malaysia. The loading dates reflected by the Kimanis assessment would follow the current methodology for other Asia Pacific crudes. Cargoes are therefore typically for loading two months ahead, with a roll-over date on the 9th day of the month, or the first business day after.

Kimanis crude oil is produced at the Gumusut-Kakap oil project off East Malaysia's state of Sabah, Malaysia's second deepwater development after Kikeh. It currently has an API gravity rating of 38.61 with a sulfur content of 0.06% and pour point of 12 degrees Celsius. Kimanis is typically sold in 300,000- or 600,000-barrel cargoes.

Shell operates the Gumusut-Kakap project with a 33% stake. Other stakeholders include ConocoPhillips (33%) and Petronas' upstream division Carigali (20%). The assessments for Kimanis would be published on Platts Global Alert pages 2215, 2266 and 2246 and 2214 in Platts Crude Oil Marketwire and in the Platts assessment database.

Please send all comments, feedback and questions on the proposed change to pl_asia_oilproducts@platts.com and pricegroup@platts.com by January 9, 2016.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.