Latest news with #CNOOC
Zawya
4 days ago
- Business
- Zawya
Qatar lowers October term price for al-Shaheen oil, sources say
SINGAPORE - QatarEnergy has lowered the term price for al-Shaheen crude oil loading in October, setting it at $2.52 a barrel above Dubai quotes, sources said on Friday. That marked a decline of 81 cents from the $3.33 a barrel for September-loading oil, a five-month high. The price cut followed a decline in spot premiums for Middle East crude so far this month, weighed down by rising supply as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained their output hike policy to regain market shares. Qatar sold al-Shaheen oil to CNOOC, OQ and Idemitsu Kosan at a premium of around $2.30-2.55 per barrel above Dubai prices, the sources said. Separately, Qatar awarded a Qatar Marine crude cargo at a premium of about $1.70 a barrel to PTT, and a Qatar Land cargo to OQ at a premium at $2.05 per barrel, according to the sources. The companies typically do not comment on commercial deals. All the cargoes are 500,000 barrels each. (Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Christian Schmollinger and Sherry Jacob-Phillips)
Forbes
08-08-2025
- Business
- Forbes
ExxonMobil Raises Guyana Oil Capacity To 900,000 Barrels Per Day
Photo of the ONE GUYANA FPSO in use at the Yellowtail deepwater field by ExxonMobil and its Consortium partners, Chevron and CNOOC, offshore Guyana. ExxonMobil ExxonMobil, operator of the offshore Guyana Stabroek consortium with partners Chevron and CNOOC, announced the startup of its fourth deepwater project, Yellowtail on Friday. With production capacity of 250,000 barrels of oil per day (bpd), Yellowtail raises total Stabroek capacity to 900,000 bpd faster than anyone had expected just a year ago. 'Yellowtail's ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana,' said Dan Ammann, president of ExxonMobil Upstream Company, said in a release. 'With Guyanese making up more than 67% of the country's oil-and-gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.' Yellowtail represents the fourth offshore mega-project the consortium has successfully taken to production in just the last five years under budget and ahead of schedule, a record the company says ranks its Guayana deepwater operations as 'the most successful in the world.' The additional 250,000 bpd capacity from Yellowtail sets the overall Stabroek operation on pace to reach capacity of 1.7 million bpd by 2030. Achieving that level of production would rank Guyana, a tiny nation of approximately 800,000 citizens, among the 15 largest oil producing nations in the world. Irfaan Ali the president of Guyana as seen walking and posing at the official Welcome Ceremony of the CELAC delegation welcomed by the Spanish Prime Minister Pedro Sanchez, the President of the European Council Charles Michel and the Head of the European Commission Ursula Von Der Leyen. The European Union, Community of Latin American and Caribbean States Summit took place in Brussels, Belgium on 17-18 July 2023. The 3rd EU-CELAC Summit in Brussels, Belgium on 17 July 2023. (Photo by Nicolas Economou/NurPhoto via Getty Images) NurPhoto via Getty Images ExxonMobil, as the project operator under the consortium's joint operating agreement, owns a 45% working interest in the Stabroek operations. CNOOC - the Chinese National Offshore Oil Corporation - owns a 25% share, with Chevron owning the remaining 30%. Chevron holds that share now thanks to its having prevailed in a long-running arbitration case involving an ExxonMobil challenge to its takeover of a stake previously owned by Houston-based independent Hess Corp. Following that decision, Chevron was able to close its deal with Hess on July 21. Yellowtail's operations are facilitated by the ONE GUYANA floating production, storage, and offloading (FPSO) vessel built and operated by Netherlands-based SBM Offshore. The vessel is currently under a lease agreement, but ExxonMobil will ultimately acquire ownership of it when the lease period expires. The ONE GUYANA is the largest FPSO in operation offshore Guyana to date, and sports storage capacity of 2 million barrels in addition to its initial 250,000 bpd production capacity. The world-class development at Stabroek has made Guyana the fastest-growing economy on earth since 2020 as the Guyanese government has taken in $6.2 billion in revenues as of the end of 2024. Exxon's Guyana Annual Report for 2024 notes that the three consortium partners have made cumulative investments in Guyana totaling $55 billion. Obviously, both numbers will continue to rise as the project grows, with Guyana's revenues rising to an estimated $10 billion annually by 2030. In my first story about Stabroek in 2019, I wrote, 'The 800,000 or so citizens of Guyana are about to experience a very significant change in their standard of living due to the ongoing development of their nation's offshore mineral resources. The crucial challenge for the government there will come in properly managing the new wealth.' It was obvious then that the consortium was on the precipice of a new oil development which would ultimately transform the Guyanese economy. That transformation is well underway now, with much, much more to come. In reality, it's just getting started.
Yahoo
08-08-2025
- Business
- Yahoo
Exxon starts production at fourth floating oil vessel in Guyana
GEORGETOWN (Reuters) -An Exxon Mobil-led consortium began production at a fourth floating production, storage and offloading vessel at the Stabroek Block in Guyana on Friday, bringing total capacity from the oilfield to over 900,000 barrels of oil per day, Exxon said. The floating vessel named One Guyana brings the joint venture a step closer to its target of 1.7 million barrels of oil equivalent per day by 2030 from the prolific block, one of the biggest oil discoveries in years that has driven soaring profits for the joint venture. Chevron closed its acquisition of Hess, which held a 30% stake in the consortium, in July after prevailing in a lengthy legal battle with Exxon that centered on access to the block, where more than 11 billion barrels of recoverable oil and gas have been found since 2015. The U.S. oil producer is now a partner alongside Exxon and China's CNOOC, which holds 25%. The vessel allows the consortium, which controls all oil output in Guyana, to develop the Yellowtail and Redtail fields. Oil produced from One Guyana will be marketed as Golden Arrowhead crude, Exxon said. The start-up of One Guyana is four months ahead of schedule, Exxon added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
08-08-2025
- Business
- Reuters
Exxon starts production at fourth floating oil vessel in Guyana
GEORGETOWN, Aug 8 (Reuters) - An Exxon Mobil-led (XOM.N), opens new tab consortium began production at a fourth floating production, storage and offloading vessel at the Stabroek Block in Guyana on Friday, bringing total capacity from the oilfield to over 900,000 barrels of oil per day, Exxon said. The floating vessel named One Guyana brings the joint venture a step closer to its target of 1.7 million barrels of oil equivalent per day by 2030 from the prolific block, one of the biggest oil discoveries in years that has driven soaring profits for the joint venture. Chevron closed its acquisition of Hess, which held a 30% stake in the consortium, in July after prevailing in a lengthy legal battle with Exxon that centered on access to the block, where more than 11 billion barrels of recoverable oil and gas have been found since 2015. The U.S. oil producer is now a partner alongside Exxon and China's CNOOC, which holds 25%. The vessel allows the consortium, which controls all oil output in Guyana, to develop the Yellowtail and Redtail fields. Oil produced from One Guyana will be marketed as Golden Arrowhead crude, Exxon said. The start-up of One Guyana is four months ahead of schedule, Exxon added.
Yahoo
08-08-2025
- Business
- Yahoo
CNOOC Limited Announces Yellowtail Project Commences Production
HONG KONG, Aug. 8, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Yellowtail Project has commenced production safely ahead of schedule. The Yellowtail Project is located in the Stabroek Block offshore Guyana, with water depth of 1,600-2,000 meters. The main production facilities include 1 floating production, storage and offloading(FPSO) and 1 subsea production system, with 26 production wells and 25 injection wells planned to be FPSO is the largest FPSO on the Stabroek Block with a storage capacity of 2 million barrels. The Liza Phase 1, Liza Phase 2 and Payara Project in Guyana's Stabroek Block have commenced production, with the block currently producing approximately 650,000 barrels of crude oil per day. The Yellowtail Project has a production capacity of 250,000 barrels per day, which will increase the installed production capacity of Stabroek Block to 900,000 barrels of crude oil per day. CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25% interest in the Stabroek Block. ExxonMobil Guyana Limited is operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited
