Offshore staff
HONG KONG -- China National Offshore Oil Corp. (CNOOC) has released its plans for 2007, which include drilling more than 54 exploration wells, 41 of them offshore China. The company will also acquire 24,000 km (14,913 mi) of 2D seismic data and 4,900 sq km (1,892 sq mi) of 3D data.
CNOOC has budgeted $3.65 billion for capital expenditure this year, up from $3.07 billion in 2006 and $1.95 billion in 2005. The company says it will maintain a disciplined expenditure for future growth, with more than 20 projects scheduled to come onstream in the coming years. CNOOC's five development projects are on schedule, the company says.
CNOOC plans to maintain production at 162-170 MMboe this year. According to the published report, last year's production totaled 165-168 MMboe, of which 149-151 MMboe came from the South China Sea. The balance came from overseas projects.
CNOOC has budgeted $382 million for offshore China exploration activities alone, which will include 41 wells, 22,000 km (13,670) of 2D seismic data, and 4,000 sq km (1,544 sq mi) of 3D data.
CNOOC's overseas exploration capex is $130 million, which includes costs for drilling 13 exploration wells as well as seismic surveys. CNOOC has interest in Nigeria, Kenya, Equatorial Guinea, Myanmar, Indonesia, and Australia.
1/31/2007
