CNOOC Plans to Boost Production to 2021
CNOOC Limited revealed Wednesday that it plans to boost production to 2021.
The company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (boe). Net production for 2020 and 2021 is estimated to increase to 505 million to 515 million boe and 535 million to 545 million boe, respectively. CNOOC Limited’s net production for 2018 is expected to be approximately 475 million boe.
CNOOC Limited plans to drill 173 exploration wells and acquire approximately 10,810 square miles of 3D seismic data this year. The company also expects a total of six new projects to come on stream in 2019. Two of these – the Egina oil field project and the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project – have already commenced production.
Total capital expenditure for CNOOC Limited in 2019 is budgeted at $10.3 billion (RMB 70 billion) to $11.7 billion (RMB 80 billion). The capital expenditures for exploration, development and production account for approximately 20 percent, 59 percent and 19 percent, respectively, according to CNOOC Limited.
“The company will maintain its prudent financial policy and investment decision-making and ensure the effective implementation of the capital expenditure plan to improve the overall performance of the company,” Xie Weizhi, chief financial officer of CNOOC Limited, said in a company statement.
On January 16, CNOOC Limited announced that the Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project had commenced production. The project, which is located in south-central part of the eastern South China Sea, is expected to reach a peak production of approximately 19,200 barrels of crude oil per day in 2020.
The company announced the output start up of the Egina Field, located in deepwater offshore Nigeria, on January 2. The project is expected to reach a peak production of approximately 200,000 barrels of crude oil per day in 2019.
The CNOOC Limited group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world, according to the company’s website.
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.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- 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
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- 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