CNOOC targets offshore efficiency improvements

Offshore staff

HONG KONGCNOOC has outlined its goals for the year ahead.

The company is targeting net production in the 470-485 MMboe range, down from last year’s 495 MMboe. Around 66% of this year’s output should come from CNOOC’s Chinese fields and 34% from operations overseas.

Net targets for 2017 and 2018 are respectively around 484 MMboe and 502 MMboe.

CNOOC expects to bring four new projects onstream this year offshore China: Kenli 10-4, Panyu 11-5, the Weizhou 6-9/6-10 oilfield comprehensive adjustment, and Enping 18-1.

It currently has close to 20 projects under development.

The company expects to drill around 115 exploration wells and acquire roughly 10,000 km (6,214 mi) of 2D seismic data and 14,000 sq km (5,405 sq mi) of 3D data.

Capex this year will be no more than RMB60 billion ($9.12 billion), with exploration, development, and production accounting for 19%, 64%, and 13%, respectively.

Despite the lower capex the company aims to achieve its targets through cost control and efficiency enhancement measures.

CEO Li Fanrong said: “Faced with an increasingly complicated operating environment in 2016, the company will fully utilize market mechanisms and combine innovations in technology and management in order to reduce costs and enhance efficiency.”

01/19/2016

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