CNOOC net production up in first half

CNOOC Ltd. said first-half net production of oil and gas rose 13.5% to 240.1 million boe, primarily due to contributions from new projects in Bohai and the eastern South China Sea (OGJ Online, July 21, 2015).

Production offshore China increased 19.1% to 156.3 million boe while production in other countries was up 4.4% to 83.9 million boe. CNOOC said its full-year production target remains unchanged at 475-495 million boe.

One of CNOOC’s six discoveries in the first half, Liuhua 20-2, is expected to facilitate joint development with adjacent Liuhua 16-2 and Liuhua 23-1 (OGJ Online, May 27, 2015).

CNOOC said operating costs were $9.60/boe, down 18.5% from first-half 2014. Average realized oil price was $57.53/bbl, a 45.9% decline. Average realized natural gas price increased 1.7% to $6.55/Mcf.

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