CNOOC maintains steady production, more projects in prospect
CNOOC’s net production during 1Q totaled 120.1 MMboe, comparable to the same period in 2018.
HONG KONG – CNOOC’s net production during 1Q totaled 120.1 MMboe, comparable to the same period in 2018.
Production from the company’s fields offshore China rose 2.3% year over year to 79.3 MMboe, helped by contributions from new projects.
During the period, the company participated in four new discoveries and 10 successful appraisal wells. In Bohai Bay offshore China, the Luda 25-1 discovery appears to be a mid-size oil-bearing structure.
It also participated in start-ups at theEgina oilfield off Nigeria and the Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project offshore China.
CEO Yuan Guangyu said: “Looking ahead, we will steadily increase oil and gas reserves and production…”