Offshore staff
HONG KONG – CNOOC is targeting net production in 2019 of 480-490 MMboe, with output from China and overseas accounting for 63% and 37%, respectively.
Last year the company achieved net production of around 475 MMboe – its estimates for 2020 and 2021 are respectively 505-515 MMboe and 535- 545 MMboe.
Six new projects are scheduled to come onstream – of these, theEgina oil field off Nigeria and the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project offshore are already in production.
The other four areAppomattox in the US Gulf of Mexico, and the Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project offshore China.
During 2019, the company plans to drill 173 exploration wells and acquire roughly 28,000 sq km (10,811 sq mi) of 3D seismic data.
Its budget capex is in the range RMB70-80 billion ($10.3-11.8 billion), with exploration, development, and production accounting for around 20%, 59%, and 19% of this figure.
01/23/2019
