China’s CNOOC to Load First Cargo of Guyanese Oil Soon

China’s state-controlled oil company CNOOC Ltd is scheduled to load in the coming days its first cargo of crude from Guyana’s offshore Liza oil project, the South American country’s Director of Energy Mark Bynoe said.

CNOOC has a 25% stake in the massive Stabroek block as part of a consortium with operator Exxon Mobil Corp and U.S. firm Hess Corp. The companies began production in December and have discovered more than 8 billion barrels of recoverable resources, which could transform Guyana’s economy.

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