China’s state-owned offshore oil and gas producer CNOOC Ltd. said on Thursday (March 27) that its overseas production surged by 10.8% in 2024, driven in part by the commissioning of new projects, including the Payara development in Guyana.
In its annual results report, CNOOC said overseas output rose to 234 million barrels of oil equivalent (boe) in 2024, up from 211.3 million boe in 2023. The company holds a 25% stake in the Payara project, the third oil development in the Stabroek Block offshore Guyana, which is operated by ExxonMobil.
Payara began production in November 2023 and reached its design capacity of 220,000 barrels per day (b/d) in January 2024. ExxonMobil later carried out structural optimization measures, raising the vessel’s production capacity to approximately 250,000 b/d by June 2024. The Stabroek block currently has three producing projects with a combined capacity of over 650,000 b/d.
Exxon has said further optimization measures could allow Payara and the Liza Phase 2 project—both designed to produce 220,000 b/d—to ramp up to 265,000 b/d each. However, Guyana’s regulators are still reviewing the application and have yet to approve the proposed increases. Officials said they are taking a thorough approach to ensure safety.
Guyana is becoming an increasingly valuable asset in CNOOC’s portfolio, with production increasing rapidly every year. The company expects three additional projects in the South American nation to come online between 2025 and 2028, adding a total of 750,000 b/d in new production capacity.
In China, CNOOC reported domestic output of 492.7 million boe in 2024, up from 466.8 million boe the previous year. The company attributed the 5.6% year-on-year increase to contributions from fields such as the Bozhong 19-6 and said it has set new production records for several consecutive years by adopting multiple measures to unlock production potential.
