CNOOC is targeting net production from its global development projects this year of 760 MMboe to 780 MMboe.
Fields in China should account for about 69% of that figure.
The company has budgeted capex of RMB125-135 billion ($17.2 billion to $18.57 billion), with exploration, development and production representing 16%, 61% and 20%, respectively.
CNOOC plans to continue its quest for large and mid-sized oil and gas fields to strengthen its reserves and future production growth.
This year the company expects to bring onstream the Bozhong 26-6 oilfield development (Phase I) and Kenli 10-2 oilfields development (Phase I) offshore China. Elsewhere, it will participate in the anticipated startups of Yellowtail offshore Guyana and Búzios 7 offshore Brazil.
Its overseas exploration will continue to be directed at countries along the Atlantic Ocean rim, with drilling offshore Guyana and exploration in Nigeria. Elsewhere, CNOOC expects to acquire seismic data offshore Mozambique.
R&D targets include continued work on new oil and gas exploration and development technologies and construction of “intelligent” oil and gas fields, and integrated development of hydrocarbon and new energy sectors. It also plans to expand development of offshore wind power.
