CNOOC’s 2017 spending plans include 126 exploration wells

Spending plans for 2017 by China National Offshore Oil Corp. Ltd. include the drilling of 126 exploration wells and acquisition of 13,000 sq km of 3D seismic.

Last year CNOOC drilled 118 exploration wells and acquired 16,000 sq km of 3D seismic.

The company’s target net production for the year is 450-460 million boe, 64% of which to come from China. The target includes 83% crude oil and 17% natural gas.

CNOOC estimates its 2016 net production at 476 million boe.

The company’s capital expenditure range is 60-70 billion yuan, compared with 2016 expenditures of 50.3 billion yuan and 2015’s 66.5 billion yuan.

The 2017 spending plan includes 18% for exploration, 66% for development, and 15% for production. CNOOC plans 52% of spending to be in China.

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