Page 12 - LatAmOil Week 11 2021

LatAmOil GUYANA LatAmOil

Guyana gets paid for fifth crude oil cargo

GUYANA’S government said last week that than $246.52mn in export revenues, all of which
it had received payment for its fifth cargo of has been deposited in the country’s National
crude oil from Liza-1, a field within the offshore Resources Fund Account.
Stabroek block. The balance of the fund, which is also used
According to a statement from the country’s to deposit royalties earned under oil contracts,
Ministry of Natural Resources, the fifth cargo stands at nearly $267.69mn, the National
was lifted from the Liza Destiny, the floating Resources Ministry noted last week.
production, storage and off-loading (FPSO) ves- Guyana does not have an equity stake in the
sel deployed at Liza-1, on February 5. The cargo, Stabroek project, which is being led by the US
which consisted of 997,420 barrels of crude, sold super-major ExxonMobil and its partners Hess,
for slightly more than $61.09mn, the statement a US-based independent, and China National
said. Offshore Oil Corp. (CNOOC). However, it
The shipment brought the total amount of is entitled to a portion of the crude extracted
crude from Liza-1 sold on behalf of Guyana’s from fields at Stabroek. Since the country has
government since the field began production no domestic refineries, its government appoints
in December 2019 to slightly less than 5.01mn agents to sell its share of the oil on the world
barrels. These volumes have generated more market. ™

BRAZIL
Petrobras to upgrade REDUC hydrotreater

BRAZIL’S national oil company (NOC) Petro-
bras is slated to upgrade an existing hydro-
treating unit at the Duque de Caxias (REDUC)
refinery in Rio de Janeiro State.
The company said last week that it had
decided to launch the project in order to boost
the quality and quantity of diesel produced by
the refinery, which has a throughput capacity
of 239,000 barrels per day (bpd). The upgrade
will allow the hydrotreater to reduce the sul-
phur content of its diesel fuel from 500 ppm to
10 ppm, in line with domestic and international
emissions requirements, the company said.
Additionally, it will raise REDUC’s total out-
put of S10 diesel from the current level of 5,000
cubic metres per day to 9,500 cubic metres per
day, it added.
The cost of the upgrade is projected to reach
BRL140mn ($24.75mn), and Petrobras hopes
to wrap up work in mid-2023. The company
has not yet named a contractor for the project, The REDUC refinery has a throughput capacity of 239,000 bpd (Image: Petrobras)
which is part of a wider effort to increase the out-
put of higher-quality petroleum products. It is products and] operating in a sustainable man-
working to raise yields of S10 diesel in particular, ner and in synergy with our [upstream] assets
because this type of fuel is more environmen- in deep and ultradeep waters.”
tally friendly and more likely to promote fuel The NOC has said it wants to launch simi-
performance. lar upgrade projects at two other refineries –
REDUC’s general manager Alexandre namely, the 434,000 bpd Refinaria de Paulínia
Coelho touched on these points, saying: “We (REPLAN) facility and the 252,000 bpd Refi-
are preparing for the new refining market that naria Henrique Lage (REVAP) facility, both
will be formed in Brazil in the coming years, and in São Paulo State. These initiatives may raise
this project is of great relevance for us to remain Petrobras’ S10 production capacity by as much
competitive [by] providing [high-quality as 16,5000 cubic metres per day. ™

P12 www. NEWSBASE .com Week 11 18•March•2021