AS Guyana continues to make a name for itself in the global oil market, China’s top offshore producer, China National Offshore Oil Corporation (CNOOC), has reported that its overseas growth is mainly driven by Guyana’s Liza Phase II and Buzios Oil Field in Brazil.

According to the company’s mid-year report, its net production reached 331.8 million barrels of oil equivalent (boe/d) and it is maintaining strong growth both in China and overseas.
CNOOC’s production rose 8.9 per cent from 1.68 million boe/d in January-June last year because of the 14.4 per cent year-on-year output jump overseas with the production increase from Liza Phase II and Buzios Oil field in Brazil.

In its exploration results, the company said that there was “positive progress” in the Stabroek Block, which it holds together with ExxonMobil and Hess, and more so, they will continue to encourage exploration in medium-to-deep.
In the Stabroek Block, Esso Exploration and Production Guyana (EEPGL) holds a stake of 45 per cent, Hess Guyana Exploration holds 30 per cent and the remaining 25 per cent stake is held by CNOOC.

In September 2020 after the field development plan was approved by the Government of Guyana, the companies reached a final investment decision on the project.
The Payara field development is located in the Stabroek Block approximately 200 kilometres off the coast of Guyana. The water depth in the area is approximately 2,000 metres.

In October 2022, when CNOOC launched its office in Guyana, Prime Minister, Brigadier (Ret’d) Mark Phillips, lauded the company for its commitment to its Guyana operations, noting that it underscores that strong partnerships are essential to the overall success of any operation.

“Transformative development opportunities such as our burgeoning oil and gas industry call for reputable partners with the country’s best interest at heart. While we, as a government, work to protect our resources and our assets, the stakeholders who operate within this industry must equally demonstrate due diligence and commitment regarding our patrimony and the rights of our people,” Phillips related.

He added: “What this means, simply, is that as we look to build our oil and gas industry, our goal is to work with trusted partners with our best interest at heart, and we have welcomed CNOOC Petroleum Guyana Ltd and its operations as part of this fold.”
While the government welcomes investments in the sector, the Prime Minister emphasised that authorities work tirelessly to establish a positive investment environment, while ensuring effective, responsible, and transparent monitoring and management of the country’s resources.

Prime Minister Phillips said that while rapid development is taking place and the government welcomes investments in the sector, the interest of every Guyanese remains paramount.
On that note, he emphasised the importance of holistic development of the petroleum industry through the creation of a diverse, sustainable, and climate-friendly economy.