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Guyana projected as crucial growth hub for CNOOC’s reserves and production expansion
Kaieteur News – In its recently published 2023 Annual Report, China’s CNOOC outlined Guyana’s pivotal role as a significant source of reserves and production growth for the company.
Situated in the northeastern offshore region of Guyana, the Stabroek Block boasts water depths ranging from 1,600 to 2,000 meters. CNOOC holds a 25% equity interest in this asset, alongside ExxonMobil Guyana, the operator with a 45% interest, and Hess Guyana Exploration Ltd. with 30%.
Stabroek Block is one of the largest exploration discoveries globally in recent years. Last week, the company announced it recorded US$17.2 billion (124 billion Yuan) in net income 2023, a dip in profits compared to 142 billion Yuan in 2022 – with earnings included from profits made from Guyana’s Stabroek Block.
The Stabroek Block witnessed a remarkable discovery in 2023 with the unveiling of the Lancetfish field, located in ultra-deepwater and deep-sea layers. Lancetfish field is one of the eight discoveries made by Exxon in the Stabroek Block, since 2022, and according to CNOOC holds an estimated reserve of 746 million barrels of oil.
According to disclosures by the operator, the block has accumulated over 30 new discoveries, with a total estimated recoverable resource volume of approximately 11 billion barrels of oil equivalent.
It was stated that the Liza Phase One and Phase Two oil fields in the block are already in production. By the end of 2023, these projects were producing steadily above their design peak daily output, with a net daily production of approximately 81,000 barrels of oil equivalent. Additionally, the Payara project in the block commenced production in 2023.
ExxonMobil Guyana announced the discovery of oil in 2015 and swiftly moved to commence production activities by December 2019. Production from the Stabroek Block developments sits above 600,000 barrels per day (bpd) – with Exxon having the Liza 1, Liza 2 and the Payara projects online. The oil companies have embarked on an aggressive drilling campaign in the Stabroek Block targeting three other developments: Yellowtail, Uaru and Whiptail projects. It should be noted that Yellowtail and Uaru have already been approved, while Whiptail is under review awaiting government approval any day now.
On Thursday, CNOOC disclosed that the Bohai oilfields offshore China remained the largest crude oil production base in China, while Guyana and Brazil continued to serve as the main drivers of the company’s overseas production growth.
In a recent development, ExxonMobil and its block partner CNOOC have both moved to arbitration to assert their rights over Guyana’s golden oil field, the Stabroek Block. This is as a result of Chevron’s US$53 billion takeover of Hess. Buying over Hess Corporation would give Chevron access to Hess’ most valuable asset in Guyana. The case was filed at the International Chamber of Commerce in Paris, arguing that Exxon and CNOOC have a right of first refusal over Hess’ stake.
- CNOOC, gas, Guyana, oil, Stabroek Block
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