Exxon Mobil Corporation (NYSE:XOM) reportedly sold 4 million barrels of Guyanese crude oil to Indian Oil Corp. and Hindustan Petroleum Corp. in India.
As per Reuters, this is both Indian oil refiners’ first purchase of Guyanese crude oil.
In particular, Indian Oil bought 2 million barrels of Golden Arrowhead (GAH) crude, its first purchase of this grade, which is set to arrive between December and January.
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Meanwhile, Hindustan Petroleum Corp bought 2 million barrels of Liza and Unity Gold crudes for delivery in the same period.
The deliveries are expected to take place in late 2025 or early 2026.
Strategic Market Expansion in Asia
The move reflects Exxon Mobil’s expansion of its customer base in Asia as production from Guyana continues to rise.
The sale underscores ExxonMobil’s role in supporting India’s efforts to diversify its crude imports while strengthening the company’s footprint in one of the world’s fastest-growing energy markets.
Notably, in August, ExxonMobil Guyana initiated production at the Yellowtail development in the offshore Stabroek block of Guyana.
ONE GUYANA, the largest FPSO on the Stabroek block, is expected to average 250,000 barrels of oil per day annually and store two million barrels of crude.
India’s Crude Import Diversification
As per the report, India’s refiners are expanding their crude mix by testing new grades from South America, where output is climbing.
The diversification effort also provides an alternative to Russian oil, as U.S. pressure on New Delhi to reduce imports from Moscow continues amid the war in Ukraine.
Global Deepwater Growth
ExxonMobil subsidiary, together with Equinor, Petrogal Brasil, and PPSA, has begun oil production at the Bacalhau field.
This marks ExxonMobil’s first upstream output in Brazil and a significant milestone in its global deepwater growth strategy.
The company is set to release third-quarter results on October 31. Investors can gain exposure to XOM via Global X Funds Global X PureCap MSCI Energy ETF (NYSE: GXPE) and Vanguard Energy ETF (NYSE: VDE).
Price Action: XOM shares were trading lower by 0.44% to $110.15 premarket at last check Friday.
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