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Chinese oil company CNOOC Ltd, co-developer of the Stabroek Block in Guyana, wants to expand in Brazil and is considering bidding for an auction of offshore exploration blocks in the pre-salt area, scheduled for later this year, the head of the Brazilian unit from the company. said last week.
According to a Reuters report, CNOOC, owned by Chinese state-owned China National Offshore Oil Corp, is also looking for a partner in Block 592 in the Espírito Santo basin, which was awarded in a previous auction, said country head Sheng Jianbo. an event in Rio de Janeiro. The company also has a stake in the Libra field, in the Santos basin.
Brazil should hold a pre-salt auction round on November 7. It will also auction rights to excess oil in the so-called transfer of rights area on Oct. 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 looking at (pre-salt auctions) and it seems like a good opportunity,” said Sheng. “We want to expand production in Brazil… this will depend on the size of the discoveries”.
Reuters said it was unclear whether Sheng was referring to the Nov. 7 or Oct. 28 auctions, or both.
CNOOC already owns a 10 percent stake in Brazil's Libra field in the Santos basin, together with Petrobras, Anglo-Dutch Royal Dutch Shell Plc and France's Total SA.
According to the Reuters report, Sheng said that production in the Libra field's long-term test is 58.000 barrels of oil equivalent per day.
CNOOC recently announced in its first quarter 2019 operating report that it achieved total net production of 120,1 million barrels of oil equivalent in the first quarter of 2019, remaining flat 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, which represent 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 owns a 25% interest in the Stabroek Block, while Hess owns 30% and ExxonMobil, the operator, owns 45%.
