China National Offshore Oil Corporation Seeks to Expand Its Presence in Brazil

Written by Paulo Nogueira

Published on 24/05/2019 at 10:37

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The Chinese Oil Company CNOOC Ltd, Co-Venturer of the Stabroek Block in Guyana, Wants to Expand in Brazil and Is Considering Bidding in an Auction for Offshore Exploration Blocks in the Pre-Salt Area, Expected at the End of This Year, the Head of the Company’s Brazilian Unit Said Last Week.

According to a Reuters report, CNOOC, owned by state-run China National Offshore Oil Corp, is also seeking a partner in Block 592 in the Espírito Santo Basin, which was awarded in a previous auction, said country head Sheng Jianbo at an event in Rio de Janeiro. The company also holds a stake in the Libra field in the Santos Basin.

Brazil is set to hold a pre-salt auction on November 7. It will also auction rights over excess oil in the so-called Transfer of Rights area on October 28, following the resolution of a long-standing dispute with state-owned Petroleo Brasileiro SA, known as Petrobras, according to the Reuters report.

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“We are watching (the pre-salt auctions) and it looks like a good opportunity”, Sheng said. “We want to expand production in Brazil… that will depend on the size of the discoveries.”

Reuters said it is unclear whether Sheng is referring to the auctions on November 7 or October 28, or both.

CNOOC already holds a 10 percent stake in the Brazilian Libra field in the Santos Basin, alongside Petrobras, Anglo-Dutch Royal Dutch Shell Plc, and French Total SA.

According to the Reuters report, Sheng said that long-term testing production from the Libra field is 58,000 barrels of oil equivalent per day.

CNOOC recently announced in its first quarter 2019 operational report that it achieved a total net production of 120.1 million barrels of oil equivalent in the first quarter of 2019, remaining stable compared to the same period last year.

During the period, the company made four new discoveries and drilled ten successful appraisal wells. In Bohai, the new discovery Luda 25-1 is expected to be a medium-sized oil-bearing structure. In Guyana, two new discoveries, namely Tilapia and Haimara, were made in the Stabroek block, representing the eleventh and twelfth oil discoveries achieved in the block. Additionally, on April 18, operator ExxonMobil announced Yellowtail as the thirteenth discovery in the block.

CNOOC Limited holds a 25% stake in the Stabroek Block, while Hess holds 30%, and ExxonMobil, the operator, holds 45%.

China National Offshore Oil Corporation Seeks to Expand Its Presence in Brazil

The Chinese Oil Company CNOOC Ltd, Co-Venturer of the Stabroek Block in Guyana, Wants to Expand in Brazil and Is Considering Bidding in an Auction for Offshore Exploration Blocks in the Pre-Salt Area, Expected at the End of This Year, the Head of the Company’s Brazilian Unit Said Last Week.

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