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CNOOC records 131.2 million boe for Q3 2020, Guyana remains key overseas project

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China National Offshore Oil Corporation (CNOOC), a 25% stakeholder in Guyana’s Stabroek Block, said it achieved a total net production of 131.2 million barrels of oil equivalent (boe) for the third quarter of 2020, representing an increase of 5.1% year-over-year (YoY).

The company said production from China increased by 10.4% YoY to 88.6 million boe, mainly attributable to commencement of new projects such as Luda 21-2/ Luda 16-3 regional development project and Dongfang 13-2 gas fields development project.

“Production from overseas decreased by 4.6% YoY to 42.6 million BOE, mainly due to the reduced production of Egina project in Nigeria and Long Lake oil sands project in Canada under low oil prices,” CNOOC stated.

During the period, the company made four new discoveries and successfully drilled 14 appraisal wells. CNOOC said in offshore China, new breakthroughs were made in the expanded exploration of the buried hills near Bozhong 19-6, which is expected to be a mid-sized oil and gas structure.

“In overseas, the 17th and 18th new discoveries of Yellowtail-2 and Redtail-1 were made in the Stabroek block in Guyana, further increasing the recoverable resources of the block,” the company said.

The identification of two additional high-quality reservoirs at the Yellowtail-2 well confirmed the world class quality of the basin and the major potential for continued future development of hydrocarbon resources offshore Guyana.

CNOOC said regarding development and production, four new projects commenced production in this quarter, namely, Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 16-2 oil field / Liuhua 20-2 oil field joint development project and Bozhong 19-6 condensate gas field pilot area.

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