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CNOOC credits Guyana’s Payara project for record-high Q3 oil production
– reports increased net profit
One of CNOOC’s offshore operations (CNOOC credits Guyana’s Payara project for record-high Q3 oil production)
Kaieteur News- China’s CNOOC Limited has reported record increases in net production and net profit.
The company made the disclosure when it announced its operating results for the third quarter of 2024.
CNOOC credits its increased net production to a substantial boost from Guyana’s Payara project located in the Stabroek Block. The company’s overseas production grew by 12.2% year-over-year to 172.9 million barrels of oil equivalent (BOE), with the Payara project in Guyana highlighted as a major contributor to this increase.
In the first nine months of 2024, CNOOC achieved a net production of 542.1 million BOE, an 8.5% rise compared to last year. Guyana’s Payara, alongside other key offshore projects, played a significant role in lifting CNOOC’s global production.
Financially, CNOOC realised a 19.5% increase in net profit, reaching RMB 116.66 billion. This success was bolstered by a 13.9% year-over-year increase in oil and gas revenue, which rose to RMB 271.43 billion, despite Brent oil prices remaining steady.
Guyana’s Stabroek Block, where CNOOC holds 25% interest
Moreover, CNOOC’s capital expenditures increased by 6.6% to RMB 95.34 billion, supporting production expansion in projects like Payara and several new domestic projects. Zhou Xinhuai, Chief Executive Officer (CEO) and President of the company, said, “In the first three quarters, despite the volatile external environment, the staff of CNOOC Limited remained committed to their responsibilities and worked diligently to achieve record high net production and net profit for the same period in history. In the fourth quarter, we will continue to focus on the annual target and strive to accomplish the production and operation tasks for the whole year.”
Guyana’s Stabroek Block which is estimated to hold 11.6 billion barrels of oil, is operated by ExxonMobil Guyana Limited. The block is located approximately 120 miles offshore Guyana, and is 6.6 million acres. CNOOC holds 25% interest.
Oil was discovered in 2015 and by December 2019, oil production commenced. Currently, they are three Floating Production, Storage, and Offloading units (FPSOs) operating in the Stabroek Block. The Liza Destiny, Liza Unity, and Prosperity FPSOs are currently producing a combined 650,000 barrels of oil per day (bpd).
The Liza 1 project, utilising the Liza Destiny vessel, was initially designed for production of 120,000 barrels per day (bpd), later optimised and is currently producing 157,000 bpd. The Liza Unity FPSO, which started in February 2022 with a capacity of 220,000 bpd, was also optimised. Recently, Exxon disclosed that this vessel is producing 252,000 bpd but disclosed that there are plans to hit a daily output of 270,000 bpd.
The Prosperity vessel operating in the Payara Project, began production in November 2023, and had a quick increase in its production. The vessel reached 100,000 bpd in November, and then exceeded 180,000 bpd by the end of December. This vessel’s current authorized production capacity is 252,000 bpd.
(CNOOC credits Guyana’s Payara project for record-high Q3 oil production)
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