CNOOC sets 2015 operational targets

Offshore staff

HONG KONG – In looking ahead for this year, CNOOC Ltd. (NYSE:CEO) sees seven new projects coming onstream, including the recently started Jinzhou 9-3 development

At the same time, capex is expected to decline 26-35%. Capex for exploration, development, and production are anticipated to account for 21%, 67%, and 10%, respectively.

Within the year, the company plans to drill 162 exploration wells and acquire approximately 36,000 km (22,369 mi) of 2D seismic data as well as approximately 14,000 sq km (5,405 sq mi) of 3D seismic data.

The company’s net production target for 2015 is in the range of 475 to 495 MMboe, 67% from China and 33% from elsewhere. The net production targets set for 2016 and 2017 are around 509 and 513 MMboe, respectively. The estimated net production for 2014 is approximately 432 MMboe.

02/04/2015

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