HONG KONG -- CNOOC has outlined its exploration and development plans for this year. The company's total capital expenditure is planned to reach $6.76 billion, representing an increase of 19.0% year-over-year, in which $4.38 billion is budgeted for development, $1.11 billion for exploration, and $1.12 billion for production.
The company expects ten new projects to come on stream, eight of which are offshore China. OML130 offshore Nigeria and the Tangguh LNG project onshore Indonesia will start production this year, the company says.
The company's exploration activities will still focus on offshore China. CNOOC plans to drill more than 80 wells and acquire over 30,000 km (18,641 mi) of 2D seismic and 9,200 sq km (3,552 sq mi) 3D seismic data independently in offshore China and overseas.
The company anticipates a busy schedule in the engineering, development, and production sector in 2009, with over 20 development projects under construction.