Australian crude exports may surpass 100 mil barrels on Enfield project

Australia is on course to export more than 100 million barrels of crude oil for the calendar year 2019, as the restart of the Greater Enfield project leads to ample heavy sweet crude production, while condensate sales to Asian buyers remain robust.

Australia exported 9.85 million barrels of crude oil and other refinery feedstocks including condensate in August, up 46.6% from 6.72 million barrels exported in July and up 23.4% from the same period a year earlier, latest data from the country’s Department of the Environment and Energy showed.

The Oceania producer exported 63.34 million barrels over January-August, up 12.8% from 56.15 million barrels shipped over the same period 2018, the data showed.

Contributing to the rising exports, Australia’s Woodside Petroleum announced first oil production from its Greater Enfield project offshore Western Australia in late August through the Ngujima-Yin floating production, storage and offloading vessel.

Crude oil production from the project, which was approved in 2016, is still ramping up and is expected to stabilize by year-end.

“We are achieving pleasing performance from the Ngujima-Yin FPSO following completion of the Greater Enfield Project, with over 2.5 million barrels of oil produced from the facility since restart,” Woodside CEO Peter Coleman said.

Crude from the Greater Enfield project comes from four different fields — Laverda Canyon, Norton over Laverda, Cimatti and Vincent — and together make up the heavy sweet Vincent crude grade,....

read more from hellenicshippingnews.com