HONG KONG – CNOOC has detailed its E&P goals over the coming year.
Its net production target for 2018 is 470-480 MMboe, with fields offshore China accounting for 64% and fields elsewhere the remaining 36%.
By 2020, the company's net output should have risen to 500 MMboe.
This year it will participate in or operate five new projects coming onstream. One is Hess’s Stampede project in the Gulf of Mexico.
The others include the Weizhou 6-13 oil field; the Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project; the Dongfang 13-2 gas fields; and the Wenchang 9-2/9-3/10-3 gas fields, all offshore China.
It also plans to continue to promote the progress of its major overseas projects.
In 2018, CNOOC expects to drill 132 exploration wells and acquire around 19,000 sq km (7,336 sq mi) of 3D seismic.
It has budgeted total capex for its various activities this year in the range RMB70-80 billion, divided as follows: 18% to exploration, 65% to development, and 16% to production.