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ExxonMobil partner reveals another discovery that contradicts government claim that reserves increased by only 600 million barrels
Kaieteur News– State-owned China National Offshore Oil Corporation (CNOOC), a 25% partner in the Stabroek block, has increased reserves by more than the 600 million barrel increase recently announced by the Government of Guyana (GoG).
In April 2022, Guyana announced that the Stabroek Block had 11 billion barrels of oil reserves; since then, there have been eight new discoveries, adding to the more than 30 discoveries already made in the Stabroek Block since 2015. Notably, earlier this year, CNOOC released its 2023 annual report, which stated that the average reserves of the Lancetfish discoveries were approximately 100 million tons, equivalent to 746 million barrels of oil.
In March this year, ExxonMobil Guyana Limited (EMGL) announced an oil and gas discovery at Bluefin in the Stabroek Block offshore Guyana, marking the company’s first discovery of 2024. While EMGL did not disclose the estimated recoverable resources of the discovery, it is stated that the Bluefin well encountered approximately 197 feet (60 meters) of hydrocarbon-bearing sandstone and was drilled in 4,244 feet (1,294 meters) of water. The Bluefin well is located approximately 8.5 kilometers southeast of the Sailfin-1 well, in the southeastern part of the Stabroek Block.
This week, CNOOC announced first-half results for its global operations, with net profit attributable to shareholders rising 25% to 79.7 billion yuan (more than $11 billion).
CNOOC said that the focus in the first half of the year was to increase oil and gas reserves and production. In the past six months, the company has discovered seven new oil fields and successfully evaluated 18 oil and gas structures. One of the new discoveries pointed out by the company is the Bluefin Tuna oil field in the Stabroek block, which CNOOC said further expanded the reserves in the southeast of the block.
Dr. Bharat Jagdeo, Vice-President
It is worth noting that according to the company’s filing with the Hong Kong Stock Exchange, “Overseas, a new oil field, Bluefin, with oil and gas resources exceeding 100 million tons was discovered in the Stabroek block in Guyana.”
CNOOC’s second disclosure showed that Guyana’s reserves had increased significantly since the 2022 update. However, Vice President Bharrat Jagdeo has consistently maintained that reserves have only increased “negligibly” since the 2022 update.
In a recent press conference, Jagdeo said: “Regarding the reserves, I told you that ExxonMobil submitted a report to us, which showed that the proved reserves increased only a little bit, a very small increase from the last quarter to this quarter… We have hired a company to audit these reserves. So we have seen what ExxonMobil submitted and we will audit these reserves to get a complete understanding of the situation.” It is worth noting that a French company has been awarded a contract to assist the government in understanding the country’s proved reserves.
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