CNOOC cops award for oil discovery in Guyana and China

Jul 10, 2025 News

Stabroek Block

Kaieteur News – China National Offshore Oil Corporation (CNOOC) has copped an award for over 7 billion barrels of oil equivalent discovery over the past decade offshore China and Guyana.

This was disclosed by Wood Mackenzie, one of the leading firms on comprehensive petroleum data, in a release dated June 12, 2025. The awards ceremony was held alongside Wood Mackenzie’s Exploration Summit in Bordeaux to recognised industry leaders based on peer admiration.

In a release, WoodMac disclosed that CNOOC received the National Oil Company (NOC) Explorer of the Year award. It was stated that CNOOC’s 7 billion barrel discovery over the past decade makes it rank second only to American oil giant, ExxonMobil Corporation. It was outlined that the resources discovered are equally split between operated wells offshore China and CNOOC’s deepwater success in Guyana.

Notably, ExxonMobil also received an award, for the most as the upstream industry’s most-admired explorer, particularly based on its decade-long exploration and development success in Guyana’s Stabroek Block. Exxon copped the Most-admired Explorer award. It was highlighted that the American oil major found over 8 billion barrels of new field resources on a net equity basis since 2015, which is more than any other company over the decade.

Notably, ExxonMobil Guyana Limited (EMGL), the operator of the Stabroek Block and holds a 45% interest, while Hess Guyana holds 30% interest and CNOOC Petroleum Guyana Limited with 25% interest. The Stabroek Block located about 120 miles offshore Guyana, spans 6.6 million acres. Oil production offshore Guyana’s Stabroek Block, began in December 2019. Since then, production has grown to 650,000 barrels per day (bpd) from three sanctioned projects: Liza Phase 1, Liza Phase 2, and Payara. This output is set to increase with the imminent start-up of Yellowtail, the fourth development, later this year.

Exxon already has two other sanctioned projects under its belt, the Uaru and Whiptail. The company has already submitted the Environmental Impact Assessment (EIA) for its seventh project, Hammerhead, with production targeted for 2029. The company has also filed an application for an eighth development named Longtail.

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CNOOC, Guyana Oil, Offshore Oil, Stabroek Block

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