Platts launches assessment of Guyana's Payara Gold crude

Platts, a part of S&P Global Commodity Insights, has launched a daily assessment for Guyana's Payara Gold crude, effective Dec. 1.

The assessment reflects the value of waterborne Payara Gold crude loading 30-60 days forward, on an FOB basis from the Prosperity Floating Production Storage and Offloading vessel offshore Guyana.

The typical cargo size is 1 million barrels.

The Payara Gold assessment is published as an outright price, as well as differentials to the Latin America Dated Brent strip, Latin America Brent Futures strip and Latin America WTI strip, which align with a 30-60 day loading window.

The new symbols for the assessments are as follows: AYARA00 Payara Gold FOB Guyana, AYARC00 Payara Gold FOB Guyana vs Latin America Brent Futures Strip, AYARB00 Payara Gold FOB Guyana vs Latin America Dated Brent Strip, AYARD00 Payara Gold FOB Guyana vs Latin America WTI Strip.

In the absence of bids, offers, and trades for Payara Gold, Platts may assess the crude based on spreads to comparable grades. Platts may also use market information provided on a delivered basis to inform this FOB assessment.

Payara Gold crude has a typical API gravity of 28 degrees and sulfur content of 0.58%, according to publicly available assays. Payara Gold crude oil is produced by a joint venture operated by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, together with Hess Guyana Exploration and CNOOC Petroleum Guyana Limited, according to ExxonMobil.

The Prosperity FPSO, which has a capacity of approximately 220,000 b/d, arrived in April and began production Nov. 14, according to ExxonMobil.

The Payara Gold assessment will join Platts' existing assessment of Liza crude (Platts symbol: ALIZA00) and Unity Gold (Platts symbol AUNIA00).

S&P Global Commodity Insights analysts expect Guyana crude production to rise to around 611,000 b/d in 2024 and 1.2 million b/d by 2030.

The new assessments will be available on Platts Global Alert pages 280 and 281. They will be published in Crude Oil Marketwire, Latin American Wire and Oilgram Price Report.

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