ExxonMobil Stabroek Block partner sees surge in revenues this year

Apr 24, 2021 News

Kaieteur News – ExxonMobil Guyana’s partner in the Stabroek block—China’s National Offshore Oil Company (CNOOC) Ltd—has reported a surge in earnings for the first quarter of this year.
According to the Chinese owned company in its report yesterday, its first quarter revenue surged 21 percent over the previous year.
The company has since attributed its increased revenue to recovering oil and gas prices and higher sales.
According to the company’s reports, revenue was US$7.45 billion over the January to March period. The documents also note that the company benefitted from a rise in prices by 20.5 percent to $59.07 per barrel, while gas prices were up 5 percent for the same period at $6.71 per thousand cubic feet.
Further to this, total net production for the company during the period reached 137.7 million barrels of oil equivalent (boe) for the Chinese company, up 4.7 percent from the same period last year, with domestic output, nearly 9 percent higher than a year earlier.
CNOOC which currently holds a 25 percent stake in the Stabroek Block, had at its previous quarterly report said, it achieved a total net production of 131.2 million (boe) for the third quarter of 2020.
During the period, the company made four new discoveries and successfully drilled 14 appraisal wells.
Furthermore, new breakthroughs were made offshore China in the expanded exploration of the buried hills near Bozhong 19-6, which is expected to be a mid-sized oil and gas structure.
Additionally, “in (its) overseas (portfolio), the 17th and 18th new discoveries of Yellowtail-2 and Redtail-1 were made in the Stabroek Block in Guyana, further increasing the recoverable resources of the block,” the company said at the time.
The identification of two additional high-quality reservoirs at the Yellowtail-2 well confirmed the world-class quality of the basin and the major potential for continued future development of hydrocarbon resources offshore Guyana.

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