HOUSTON, TEXAS — CNOOC’s Vice President, International Developments, Keith Henderson said on May 5 that Guyana’s offshore oil developments now rank among the company’s top-performing assets globally because of the scale of discoveries and the speed at which projects have been brought online.
Speaking during a panel discussion at the Offshore Technology Conference (OTC) in Houston, Henderson described Guyana’s offshore sector as one of the most competitive deepwater developments in the industry.
“Guyana ticks the boxes on essentially all these aspects,” Henderson said.
He explained that companies evaluating offshore projects typically assess reservoir quality, drilling conditions, commercial potential and the ability to move projects into production efficiently.
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According to Henderson, Guyana has delivered strongly across all of those areas.
“We have found 11 billion barrels of mostly oil hydrocarbons, good quality hydrocarbons in good, well-connected reservoirs,” he stated.
Henderson said the offshore environment has also supported efficient drilling operations.
“The drilling conditions are sufficiently benign and have enabled really world record-setting drilling performance,” he noted.
The CNOOC executive said another major factor has been the pace of development offshore Guyana since the first discovery at Liza in 2015.
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“We will have gone from zero to one million barrels a day in approximately seven years,” Henderson stated.
He credited collaboration among operators, contractors and the Guyana government for helping projects move forward rapidly.
“The project delivery has just been immense,” he said.
Henderson also said the partnership structure within the Stabroek Block contributed to the success of the developments.
“Each of us coming to the partnership brings our own views. This collaborative working has, I believe, added value to the whole partnership,” he said.
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The Stabroek Block is operated by ExxonMobil with Hess and CNOOC as co-venturers. Multiple offshore developments are currently producing in the block, with additional projects under development.
“This is why the Guyana asset ranks at or near the top of our portfolio,” Henderson stated.
