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CNOOC LIMITED

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Delayed Hong Kong Stock Exchange  -  03:08:41 2023-01-30 am EST
11.38 HKD   -2.23%
01/26China National Offshore Oil Unit Begins Drilling at Kingfisher Oilfield in Uganda
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01/24Uganda unveils first commercial oil production drilling programme
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BP wins contract to market Guyana's share of oil production

11/25/2022 | 09:30am EST
FILE PHOTO: Vast deposits of oil found off Guyana's coast could transform the country's fortune

(Reuters) - BP Plc will market Guyana's share of crude oil produced over the next year from two offshore production platforms, the South American country's Ministry of Natural Resources said.

Guyana is home to one of the largest oil discoveries in the last decade, with about 11 billion barrels found to date. A consortium that controls the country's crude output expects to pump 1.2 million barrels per day (bpd) by 2027, up from an expected 380,000 bpd at year-end.

The London-based oil company agreed to market the state's share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Thursday. It replaces a Saudi Aramco trading unit, which previously held the contract.

BP did not reply to requests for comment on the contract. Along with Spain's Repsol and Italy's Eni, it has received cargoes from the county's offshore oilfields this year, vessel tracking data showed.

Its proposal to take over as marketing agent was chosen over 13 others, the ministry said. The statement did not identify the others and the ministry did not reply to a request for details.

Through mid-year, Guyana's share of oil production from the consortium composed of Exxon Mobil, CNOOC Ltd and Hess Corp was worth $307 million. The group markets two crudes: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold.

The government recently said it would auction 14 offshore blocks to increase output by adding more oil producers. Guyana has not yet disclosed a timetable but indicated it could hold the auction by May.

BP will market crude to refiners, provide benchmark and performance comparisons, and help the government understand the behavior and yields of the Liza blend, the ministry said.

(Reporting by Gary McWilliams;Editing by Elaine Hardcastle)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.56% 492.05 Delayed Quote.3.03%
BRENT OIL -1.81% 85.5 Delayed Quote.0.12%
CNOOC LIMITED -2.23% 11.38 Delayed Quote.16.63%
EXXON MOBIL CORPORATION -1.38% 114 Delayed Quote.4.81%
GOLD -0.28% 1923.41 Delayed Quote.5.72%
HESS CORPORATION -1.77% 153.57 Delayed Quote.10.17%
REPSOL S.A. -0.88% 15.13 Delayed Quote.2.79%
S&P GSCI CRUDE OIL INDEX -0.90% 433.0263 Real-time Quote.-0.72%
SAUDI ARABIAN OIL COMPANY 0.00% 33 End-of-day quote.2.80%
WTI -1.53% 79.068 Delayed Quote.-1.29%
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01/26China National Offshore Oil Unit Begins Drilling at Kingfisher Oilfield in Uganda
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Financials
Sales 2022 391 B 57 608 M 57 608 M
Net income 2022 139 B 20 423 M 20 423 M
Net Debt 2022 74 716 M 11 015 M 11 015 M
P/E ratio 2022 3,40x
Yield 2022 13,9%
Capitalization 469 B 69 138 M 69 138 M
EV / Sales 2022 1,39x
EV / Sales 2023 1,37x
Nbr of Employees 18 887
Free-Float 34,7%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 9,86 CNY
Average target price 12,75 CNY
Spread / Average Target 29,3%
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Managers and Directors
Xin Huai Zhou Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Yu Gao Xu Chief Compliance Officer & General Counsel
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