CNOOC Ltd.’s total net oil and gas production exceeded 500 MMboe for the first time with 2019 production of 506.5 MMboe, the company said Mar. 25.
During the year, 23 commercial discoveries were made, and 30 oil and gas bearing structures were successfully appraised. Appraisal of Bozhong 19-6 condensate gas fields offshore China added proved in-place volume of 200 million cu m of oil equivalent (OGJ Online, Jan. 13, 2020). Five new discoveries were made in the ExxonMobil-operated Stabroek Block offshore Guyana (CNOOC 25%). The company reported a reserve replacement ratio of 144% and reserve life over 10 years. Net proved reserves at the end of the year exceeded 5 billion boe, the company said.