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Contributor
Tom Howes
Former Head of Energy and Environment Division. Tom Howes is the head of the Energy and Environment Division at the International Energy Agency (IEA). His work involves leading the division analysing carbon pricing and other energy and climate policies, promoting best practice with IEA countries, COP26 and UN and bringing all the IEA’s energy transition expertise and analysis on projections, technologies and policies to the support of successful COP outcomes.
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- Executive summary
- Hydrogen
- Road transport
- Steel
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+ 3 pages
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Country report
Dec 2025
China’s Official Energy Finance in Emerging and Developing Economies Case 6. CNOOC investment in Guyana: Whiptail Oil Field
…The Act requires oil companies, including CNOOC, to use local labour and suppliers in 40 specific categories, such as catering, transportation and manufacturing. In 2024, around 70% of the workforce on the Stabroek oil field project was local. Financing model and China’s role Whiptails’ total development cost is estimated at USD 12.7 billion, of which CNOOC is responsible for roughly USD 3.18 billion in proportion to its 25% stake. This covers both capital expenditure and operating costs consistent with the production sharing contract. CNOOC’s cumulative investment across all six Stabroek projects has now reached around USD…
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