CNOOC to Drill 126 Exploration Wells in 2017
CNOOC Limited will drill 126 exploration wells and acquire approximately 5,000 square miles of 3D seismic data in 2017, according to its latest business strategy and development plan.
The company’s net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent, of which approximately 64 percent and 36 percent will be produced in China and overseas, respectively.
The net production targets set for 2018 and 2019 are between 455 million and 465 million boe and between 460 million and 470 million boe, respectively. The net production for 2016 is expected to be approximately 476 million boe.
Five new projects will be coming on stream during 2017 for CNOOC, with the Penglai 19-9 oilfield comprehensive adjustment project and the Enping 23-1 oilfields in China already commencing production earlier this year.
The other three projects, namely phase two of the Weizhou 12-2 oilfield project in China, the BD gas field in Indonesia and the Hangingstone project in Canada will commence production as scheduled in the year. Currently, nearly 20 projects are under construction.
The company’s total capital expenditure for 2017 will be in the range of $8.7-10.1 billion (RMB60.0 to RMB70.0 billion). Of that amount, the capital expenditures for exploration, development and production will account for around 18 percent, 66 percent and 15 percent, respectively.
“We will maintain prudent financial policy and improve capital efficiency in response to the continued challenge posed by low oil prices. Also, we will optimize the company’s asset portfolio and focus on return to make steady progress in all businesses,” Yuan Guangyu, CNOOC president, said.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension