HONG KONG – CNOOC has outlined its business strategy and development plan for the year ahead.
The company is targeting net production of around 450-460 MMboe, down on last year’s 476 MMboe, and comprising 64% production in China and 36% overseas.
CNOOC has already brought onstream new production offshore China from the Penglai 19-9 oilfield comprehensive adjustment project and the Enping 23-1 oilfields.
Those due to start-up later this year include Phase two of the Weizhou 12-2 oilfield project and the BD gas field offshore Indonesia. Currently, the company has close to 20 projects under construction.
In 2017, it plans to drill 126 exploration wells and acquire around 13,000 sq km (5,019 sq mi) of 3D seismic data, with overall capex for its various programs in the RMB60-70 billion ($8.73-10.18 billion) range.
Capex for exploration, development, and production will account respectively for around 18%, 66%, and 15%.