HONG KONG – CNOOC is targeting net production globally this year in the range 520-530 MMboe, with Chinese offshore fields accounting for around 64%.
Production for 2021 and 2022 should rise to around 555 MMboe and 590 MMboe respectively, based on current development plans.
CNOOC has budgeted capex this year in the range RMB85-95 billion.
In 2020, the company plans to drill 227 exploration wells and acquire roughly 27,000 sq km (10,425 sq mi) of 3D seismic data.
Ten new projects are expected to come onstream. Those in Chinese waters are the Penglai 19-3 oil field block 4 adjustment/Penglai 19-9 oil field Phase II; Qinhuangdao 33-1 South oil field Phase I; Bozhong 19-6 gas field pilot area development; Luda 16-3/21-2 joint development; Nanbao 35-2 oil field S1 area; Jinzhou 25-1 oil field 6/11 area; Liuhua 29-1 gas field development; and Liuhua 16-2 oil field/20-2 oil field joint development.
Overseas the company’s operated Buzzard Phase II project should start-up later this year in the UK central North Sea.