Tapis crude is a Malaysiancrude oil used as a pricing benchmark inSingapore. Tapis is very light, with anAPI gravity of 43°-45°, and verysweet, with only about 0.04% sulfur.[1][2] While it is not traded on a market likeBrent Crude orWest Texas Intermediate (WTI), it is often used as an oil marker or price referencing indicator for Asia and Australia.[3]
The price of Tapis in Singapore is often considerably higher than the price ofbenchmark crude oils such as Brent or West Texas Intermediate (WTI), the more commonly referenced in market commentaries. This is because its lightness (i.e. higher ° API) allows for greater production of higher-value products, such as petrol, than from Brent or WTI. Its high price is also due to the purity of the blend. Its extremely lowsulfur content means it requires less refinery processing thansourer crude oils, and hence a lower processing cost.[4]
The Tapis field, located off the coast ofTerengganu in theSouth China Sea was discovered in 1969 with production starting in 1978.ExxonMobil holds a 30% stake, the rest being held by state-ownedPetronas. As of 2018[update], production is approximately 300,000 barrels per day.[5][6]
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