China National Offshore Oil Corporation (CNOOC) has announced the commencement of production at the Long Lake Northwest Project in Canada.
The project is expected to reach peak production of approximately 8,200 barrels of crude oil per day by 2025. It includes a new well pad and four pipelines.
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Developed through SAGD operations, the project will commission eight well pairs.
CNOOC Petroleum North America, a wholly owned subsidiary of CNOOC, holds complete interest and operates the project.
CNOOC holds a 100% working interest in Long Lake, along with three additional oil sands projects in the Athabasca area of north-eastern Alberta, Canada.
The Long Lake facility, part of CNOOC International and located in northern Alberta, has been operational since 2008, with a current production capacity of around 72,000 barrels of oil equivalent per day (boe/d).
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By GlobalDataIn September 2018, construction on the Long Lake Southwest expansion project was initiated to increase production by 26,000boe/d through three additional well pads.
This expansion underscores CNOOC’s commitment to Alberta’s energy sector, promising responsible production growth and reduced emissions.
Notably, the Long Lake Southwest production will utilise less steam and natural gas per barrel, leading to lower overall energy consumption.
CNOOC International is also planning a future stand-alone SAGD development in the Kinosis area of Long Lake, further expanding its operations.
Meanwhile, CNOOC’s financial performance remains robust, with a 19.5% increase in net profit attributable to equity shareholders for the first three quarters of 2024, amounting to 116.66bn yuan ($16.34bn).
The company has achieved record highs in net production and profit, attributing the success to operational efficiency and cost control. Despite stable year-on-year Brent oil prices, CNOOC’s oil and gas revenue rose by 13.9% to 271.43bn yuan.
The company has maintained its all-in cost at $28.14, while capital expenditures grew by 6.6% to 95.34bn yuan.
