HONG KONG – CNOOC achieved 14 commercial discoveries and successfully appraised 25 oil and gas structures last year.
Oil and gas reserves from new finds offshore China continued to grow, and the company made breakthroughs in exploration in new areas.
Despite lower oil prices,CNOOC’s reserve replacement ratio (excluding economic revisions) was 145% for the year. At the end of 2016, the company’s net proved reserves totalled about 3.88 Bboe.
In addition, the company met its annual oil and gas production target despite further capex cuts, producing 476.9 MMboe.
CNOOC’s four offshore projects planned for 2016 have started operations as planned – these are theKenli 10-4 oilfield, Panyu 11-5 oilfield, Weizhou 6-9/6-10 comprehensive adjustment project, and Enping 18-1 oilfield.
Yang Hua, chairman and CEO, said: “In 2016, the company has maintained a strong cost competitiveness despite low oil prices and sluggish global economic growth.”