“By 2030, we expect to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.”

In context

“the volume. We're growing production from assets that deliver the most value. More than half of our oil and natural gas production comes from high-return, advantaged assets. We expect that number to climb to more than 60% by the end of the decade. One of our most important advantaged assets is Guyana where we recently marked the 10-year anniversary of our first oil discovery. With nearly 11 billion barrels of resource, it's industry's biggest oil discovery in the past 15 years. We have three major developments online producing roughly 650,000 gross barrels per day in total, considerably above our investment basis. Our fourth development, and the largest to date, Yellowtail, is next in line and anticipated to achieve first oil next week, delivered 4 months out of schedule and under budget. By 2030, we expect to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments. The success of these projects has established Guyana as the world's fastest-growing economy. It's also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time. Regarding the recent arbitration decision, I admit the ruling was a surprise. We were highly confident in our position and so was CNOOC. This dispute was about protecting our contractual rights. The sanctity of contracts among governments, investors and co-ventures is critical for the upstream industry. Without it, confidence in the large capital investments is undermined. Having co-written the contract with Shell, we understood its intent and believe the contractual language conveyed it. Unfortunately, the tribunal interpreted it differently. While disappoi”