HONG KONG – CNOOC achieved record high production last year of 528 MMboe.
This year the company is targeting 545-555 MMboe net, with China and overseas accounting for respectively 68% and 32%.
It also plans to drill 217 exploration wells and acquire around 17,000 sq km (6,564 sq mi) of 3D seismic.
CNOOC expects to bring 19 new projects onstream, the main ones being the Lingshui 17-2 gas fields development, Lufeng oil fields regional development and the Caofeidian 6-4 oil field (all offshore China); Buzzard oil field phase II in the UK central North Sea; and the Mero I oil field in Brazil’s presalt Santos basin.
Total budgeted capex is RMB90-100 billion ($14-15 billion), with exploration, development and production making up around 17%, 61% and 20% of that figure.
By 2023, CNOOC aims for net production of 640-650 MMboe.