Field declines hit CNOOC’s offshore production

Offshore staff

HONG KONGCNOOC has reported its production totaled 117.7 MMboe in 3Q 2016, down 7.7% from the corresponding figure in 2015.

This was due to declining production volumes from the company’s oil and gas fields and weak demand from China’s downstream gas market.

However, the company made one new discovery and drilled 10 successful appraisal wells offshore China during the period, with the Weizhou 6-9/6-10 comprehensive adjustment project and Enping 18-1 oil field entering production.

All four projects planned to come onstream in 2016 are now operational.

Chairman and CEO Yang Hua said: “In view of the market challenges during the third quarter of the year, the company endeavored to lower costs and enhance efficiency, as well as made proactive efforts in all fields.

“In addition, the company is confident in meeting the full year target of its key operating indicators.”  

10/26/2016

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