CNOOC is targeting net production in 2012 of 330-340 MMboe, slightly up on last year’s level.

The company expects four new projects to come onstream offshore China this year, among them the incremental peak production of Panyu 4-2/5-1 adjustment project which should build to 57,000 b/d in 2014.

Further adjustment projects are likely to start up offshore China in the next few years, helping to drive the company’s future production growth. CNOOC also plans to enhance its independent deepwater exploration capability, while expanding exploration in new areas and frontiers.

It is lining up 114 exploration wells, including three independent deepwater wells in the South China Sea, and acquisition of 18,300 km (11,371 mi) of 2D seismic data and 19,200 sq km (7,413 sq mi) of 3D data to be acquired. Its target is a reserve replacement ratio of more than 100% in 2012.

CNOOC expects to spend $9.3-11 billion this year, with exploration, development, and production accounting respectively for around 17%, 68%, and 14% of the total outlay.