China’s state oil company CNOOC has lifted its first 1 million barrels of light, sweet Liza crude from Guyana’s offshore Liza Phase 1 Development project. The company has a 25% stake in the 6.6 million acres Stabroek block as part of a consortium with operator ExxonMobil and U.S. firm Hess.
CNOOC said on Wednesday its production and reserves hit a record high in 2019 with significant increases in net profit and dividend.
The company said it achieved remarkable results in 2019 as multiple operating indicators reached a record level since its listing. Total net oil and gas production of the company amounted to 506.5 million barrels of oil equivalent (BOE), exceeding 500 million BOE for the first time. CNOOC said multiple projects safely commenced production ahead of schedule.
The company continued to strengthen its exploration and development efforts, and the workload reached a record high. During the year, 23 commercial discoveries were made, and 30 oil and gas bearing structures were successfully appraised. The appraisal of Bozhong 19-6 condensate gas fields in offshore China made breakthrough again, with newly-added proved in-place volume of nearly 200 million cubic meters of oil equivalent.
“In addition, five new discoveries were made in Stabroek block in Guyana, with aggregate recoverable resources of more than 8 billion BOE. Reserve replacement ratio of the year reached 144% and the reserve life remained stable at a level above 10 years, which further strengthened the resource foundation for the future development. As at the end of 2019, the net proved reserves of the Company exceeded 5 billion BOE in total,” CNOOC said.
Over 8 billion barrels of oil equivalent resources have been discovered so far at the Stabroek Block spanning a record 16 discoveries since May 2015.