Latest update April 17th, 2024 12:59 AM
Apr 24, 2021 News
Kaieteur News – ExxonMobil Guyana’s partner in the Stabroek block—China’s National Offshore Oil Company (CNOOC) Ltd—has reported a surge in earnings for the first quarter of this year.
According to the Chinese owned company in its report yesterday, its first quarter revenue surged 21 percent over the previous year.
The company has since attributed its increased revenue to recovering oil and gas prices and higher sales.
According to the company’s reports, revenue was US$7.45 billion over the January to March period. The documents also note that the company benefitted from a rise in prices by 20.5 percent to $59.07 per barrel, while gas prices were up 5 percent for the same period at $6.71 per thousand cubic feet.
Further to this, total net production for the company during the period reached 137.7 million barrels of oil equivalent (boe) for the Chinese company, up 4.7 percent from the same period last year, with domestic output, nearly 9 percent higher than a year earlier.
CNOOC which currently holds a 25 percent stake in the Stabroek Block, had at its previous quarterly report said, it achieved a total net production of 131.2 million (boe) for the third quarter of 2020.
During the period, the company made four new discoveries and successfully drilled 14 appraisal wells.
Furthermore, new breakthroughs were made offshore China in the expanded exploration of the buried hills near Bozhong 19-6, which is expected to be a mid-sized oil and gas structure.
Additionally, “in (its) overseas (portfolio), 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 at the time.
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.
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
Apr 17, 2024
2024 CWI Regional 4-Day Championships Round 7…GHE vs. CCC Kaieteur Sports – After a highly-successful round 6, Guyana Harpy Eagles will look to take full advantage of the out-of-sorts...Kaieteur News – Every school teacher should take a close look at the students in his or her classroom. The probability... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]