China’s CNOOC Limited made a total of 17 commercial discoveries in 2018, 5 of which were made in the Stabroek Block offshore Guyana which represents all of the company’s overseas discoveries for that year. The other 12 discoveries were all made in China.
The 5 new discoveries in Guyana; Ranger, Pacora, Longtail, Hammerhead and Pluma, all ranked in the world’s top 10 discoveries in 2018.
While the company’s success rate of independent exploration wells offshore China reached 53-63%, the success rate for discoveries in Guyana remained a record high 80 percent, accounting for a total of 12 discoveries made to date. Total recoverable resources for the Stabroek Block now stand at 5.5 billion barrels of oil equivalent.
“In 2018, facing the complex external environment, CNOOC Limited focused on high-quality development, and maintained strong cost competitiveness. The Company steadily expanded the oil and gas reserves and production, achieved a significant growth in net profit. In the future, the Company will continue to increase oil and gas reserves and production, actively implement low-carbon development strategies, speed up the transformation and upgrading, and continuously create value for shareholders,” Mr. Yang Hua, Chairman of CNOOC Limited, said in the company’s 2018 Annual Results.
The company said in 2018 it expanded its oil and gas reserves and production at a steady pace, strengthened its cost control and achieved remarkable results. Total net oil and gas production achieved 475 million barrels of oil equivalent, successfully meeting the annual target set at the beginning of the year.
CNOOC Limited holds 25% interest in the Stabroek Block while Hess holds 30% and ExxonMobil, the operator, holds 45%.