CNOOC lowers costs, increases offshore production

Offshore staff

HONG KONGCNOOC has issued a progress report for the first half of 2016.

Offshore China the company made six new discoveries and drilled 20 successful appraisal wells, while overseas it drilled six successful appraisal wells.

Progress has been good at four projects scheduled to come onstream this year, of which the Kenli 10-4 oilfield and Panyu 11-5 oilfield are already in production.

CNOOC’s all-in cost was $34.86/boe, down 15.5% year-on-year. Its total net oil and gas production was 241.5 MMboe, an increase of 0.6% year-on-year.

Net production from offshore China was 160.1 MMboe, up by 2.4%, mainly due to start-ups in Bohai and the western South China Sea.

Yang Hua, chairman and CEO, said: “In view of the challenges from the external environment, the company strives to further enhance its industry know-how and introduce innovative work methods and achieved steady progress in all businesses, with the target of cost control and efficiency enhancement.

“Keeping modest, we will continue to identify areas for improvement and keep on learning, in order to enhance the first-class competitiveness at the international level.”

08/24/2016

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