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China National Offshore Oil Corporation (CNOOC) on Monday announced that one of its oil exploration projects, Liza Phase II in the Stabroek Block near Guyana, commenced production safely and ahead of schedule. It is expected to reach peak production of approximately 220,000 barrels of crude oil per day this year, the company told the Global Times on Monday.
The total recoverable resources of the Stabroek Block are estimated to be over 10 billion barrels of oil equivalent. By 2027, more than 1 million barrels of oil per day will be extracted from the block.
“The continuous exploration and development achievements at the Stabroek Block will be powerful driving forces to propel the company’s production growth, and will also make a positive contribution to the sustainable development of Guyana’s economy and society,” said Xia Qinglong, president of CNOOC.
CNOOC also announced its achievement of reaching another milestone in domestic natural gas project. Since its official launch of the production of the Deep Sea No.1, China’s first self-operated deep-water gas field exploration facility, in June 2021, the natural gas filed had produced over 1 billion cubic meters as of Sunday.
The annual output of Deep Sea No.1 is expected to reach 3 billion cubic meters, and to meet one fourth of the natural gas demand of Guangdong-Hong Kong-Macao Greater Bay Area residents.
