Welcome t0 the new crude grades. They join Tapis as a made in Malaysia product.
Argus Launches Malaysian Crude Assessments
LONDON, March 2 /PRNewswire/ — Argus has launched daily price assessments for Malaysian crude grades Kikeh and Labuan.
Kikeh is a light sweet crude with 36.74 degrees API gravity and 0.06pc sulphur content, which loads at the Kikeh marine terminal. US integrated oil company Murphy has an 80pc working interest in the field and takes about 70pc of output under the production-sharing contract as the operator, with the remaining share held by Malaysian state-owned oil firm Petronas. Production of the grade has climbed from around 40,000 b/d at start-up in August 2007 to around 120,000 b/d in early 2009.
Argus is also adding an assessment for Labuan, a light sweet Malaysian crude with 29.92 degrees API gravity and 0.028pc sulphur content, which loads at the Labuan crude oil terminal. Petronas has an 80pc interest, with Shell holding the remainder. Production of Labuan is around 75,000 b/d.
Both grades will be assessed at a differential to Tapis APPI on a fob Malaysia basis for 600,000 bl cargoes loading 15-45 days ahead.