CNOOC reports 2016 strategy, development plans

CNOOC Ltd. reported on its business strategy and development plans for 2016.

The company’s net production target for 2016 is 470-485 million boe, of which 66% and 34% are respectively produced in China and internationally. The net production targets set for 2017 and 2018 are 484 million boe and 502 million boe, respectively. The estimated net production for 2015 was 495 million boe.

There will be four new projects coming on stream this year, including Kenli 10-4, Panyu 11-5, the Weizhou 6-9/6-10 oil field comprehensive adjustment, and Enping 18-1. Currently almost 20 projects are under construction.

Within the year, CNOOC plans to drill 115 exploration wells and acquire 10,000 km of 2D seismic data and 14,000 sq km of 3D seismic data.

The company’s total capital expenditure for 2016 will be no more than 60 billion yuan, CNOOC said. Of that amount, capex for exploration, development, and production will account for 19%, 64%, and 13%, respectively.

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