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AMERICAS OIL: Brazil Exports 1st Papa-Terra Oil in 9 Years on Heavy Crude Pull

AMERICAS OIL
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Brazil Exports 1st Papa-Terra Oil in 9 Years on Heavy Crude Pull: Bloomberg 

  • Brazil is exporting heavy sour Papa-Terra for the first time since 2016 amid rising demand for similar quality crudes due to the potential tariffs on supplies from Canada and Mexico, according to person with knowledge of the situation.
  • Oil driller PRIO is a seller of cargo.
  • A co-load of 440k bbl Papa-Terra (12-15 API) and 550k bbl of PRIO’s Albacora Leste (21.2 API, 0.6% sulfur) is expected to load this month.
  • Papa-Terra is produced by Brava Energia and is typically processed by Petrobras refineries.
  • In 2014-2016 Brazil exported grade to the Bahamas storage hub, where it was re-exported to US East Coast and Gulf Coast refineries, including Citgo Corpus Christi, Chevron Pascagoula, Marathon Garyville, and the Axeon Paulsboro refinery that was mothballed in 2017, according to US Customs data compiled by Bloomberg.
  • NOTE: Papa-Terra also used to be sold in a blend with Colombian Vasconia
  • Brava bought the offshore Papa-Terra field from Petrobras in 2022.
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Brazil Exports 1st Papa-Terra Oil in 9 Years on Heavy Crude Pull: Bloomberg 

  • Brazil is exporting heavy sour Papa-Terra for the first time since 2016 amid rising demand for similar quality crudes due to the potential tariffs on supplies from Canada and Mexico, according to person with knowledge of the situation.
  • Oil driller PRIO is a seller of cargo.
  • A co-load of 440k bbl Papa-Terra (12-15 API) and 550k bbl of PRIO’s Albacora Leste (21.2 API, 0.6% sulfur) is expected to load this month.
  • Papa-Terra is produced by Brava Energia and is typically processed by Petrobras refineries.
  • In 2014-2016 Brazil exported grade to the Bahamas storage hub, where it was re-exported to US East Coast and Gulf Coast refineries, including Citgo Corpus Christi, Chevron Pascagoula, Marathon Garyville, and the Axeon Paulsboro refinery that was mothballed in 2017, according to US Customs data compiled by Bloomberg.
  • NOTE: Papa-Terra also used to be sold in a blend with Colombian Vasconia
  • Brava bought the offshore Papa-Terra field from Petrobras in 2022.