CNOOC Limited ( SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Payara Project has commenced production safely.

Payara Project locates in the Stabroek Block offshore Guyana and produces with 1 FPSO and 41 subsea wellheads. The FPSO is the third production facility in the Block following the two serving Liza Phase I and Liza Phase II. It was constructed in China and Singapore, and arrived in Guyana in April 2023. It is moored in water depth of about 1,930 meters and will be able to store around 2 million barrels of crude oil. Payara Project is expected to reach its peak production of approximately 220,000 barrels of crude oil per day in 2024.

Mr. Zhou Xinhuai, CEO and President of the Company, said, “The delivery of Payara Project was a milestone for the partnership and production growth of the Stabroek Block. By 2024, the daily production of the Block is expected to reach approximately 620,000 barrels of crude oil per day, which will further fuel the high-quality development of the Company.”

CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25% interest in the Stabroek Block. ExxonMobil Guyana Limited is the operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest.

About CNOOC

CNOOC Limited (SEHK: 00883, SSE: 600938) is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.
The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.