Guyana's October Output

Daily production data shows average daily Guyanese crude output held at its second-highest level of 2024. Hess says new FPSO due to sail in Q1 2025.

November 26, 2024 • Est. Reading Time: 3 minutes

Mobius Intel Brief:

Guyana’s three floating, production, storage, and offloading (FPSO) vessels produced an average of 647.5 Kb/d in October, up approximately 270.5 Kb/d v. October 2023 and the second-highest monthly average of 2024.

Key Intel:

  • October’s daily average production softened by roughly 12.5 Kb/d v. September’s record high of 660 Kb/d.

  • Demand for Guyanese barrels gathered headwinds from Libya’s restored output and Canada’s stronger exports to the US West Coast post-TMX startup. Preliminary vessel-tracking data shows West Coast refiners — the top buyers of Payara Gold in 1H24 — pared imports in October by ~50% compared to levels in May. The EIA publishes PADD 5’s September imports from Guyana at the end of this week.

  • Guyanese crudes expanded their discount to Dated Brent since August. However, Guyana’s heavier (28º API) Payara Gold switched to a premium v. the lighter (31.9º API) Liza grade in mid-May and has expanded that premium in 2H24.

  • Near-term production: The Hess/CNOOC/Exxon consortium aims to imminently upgrade production capacity on its second Liza field FPSO (Unity) from 252 Kb/d to 270 Kb/d upon receiving regulatory approval. The Unity vessel averaged 244 Kb/d in October versus 251 Kb/d in September.

  • Long-term production: According to John Hess, the consortium anticipates its fourth FPSO (One Guyana) will sail to the Yellowtail project in 1Q25 and add 250 Kb/d to the group’s production by the start of 2026 — bringing total production capacity to approximately 920 Kb/d when factoring in the Unity’s upgrade.

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