Crude oil from the Mizton field offshore Mexico reaches US markets
MEXICO/HOUSTON – Exports of new Mexican crude oil are increasing from Eni’s Mizton field as US refiners find it a suitable substitute for banned Russian oil and complements domestic qualities.
As Reuters reported, the shipments represent the first crude exports by an oil company other than state-owned Pemex in Mexican history.
The Mizton field is part of the Mizton-Amoca-Tecoalli cluster in the southern Gulf of Mexico. Eni estimates that the fields contain around 2.1 billion barrels of oil and gas. Miamte’s FPSO, which can handle up to 90,000 barrels of production per day, began pumping oil in February.
Four vessels chartered by Eni Trading & Shipping have landed in US ports since April, according to the Reuters report. They transported a total of about 2.2 million barrels of crude to US refiners, including Marathon Petroleum and PBF Energy.
A fifth Eni cargo of 525,000 barrels from Mizton on the Aframax Nippon Princess tanker is expected to reach the US east coast soon, believed to have been purchased by PBF Energy.
Mizton crude is similar in quality to other U.S. Gulf grades used by coastal refiners, and a good replacement for Russia’s flagship Urals crude, according to an analysis in the Reuters report.
Russian oil, which accounted for about 3% of total US crude imports last year, was banned in April as part of US sanctions against Russia following its invasion of Ukraine.