Field declines curb CNOOC’s offshore production

CNOOC Ltd. has reported that its production during 3Q was 116.2 MMboe, down 1.3% year over year.

Offshore staff

HONG KONGCNOOC Ltd. has reported that its production during 3Q was 116.2 MMboe, down 1.3% year over year (YoY).

Offshore China, production decreased 2.4% YoY to 73.8 MMboe, mainly due to the decline of producing fields. Overseas production increased 0.7% YoY to 42.4 MMboe.

The company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oil field Phase II and build it into a mid-to-large size oil field.

Offshore Guyana, the company participated in the successful appraisal well Payara-2 and the new discovery well Turbot-1 in the Stabroek block.

To date, four out of five new projects planned for this year have commenced production. Installation and commissioning are under way at the Weizhou 12-2 oil field Phase II. Production is expected to begin within the year.

CEO Yuan Guangyu said: “During the third quarter of the year, the company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders.”

10/25/2017

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