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CNOOC Ltd 2013 Business Strategy and Development Plan

Source: www.gulfoilandgas.com 1/30/2013, Location: Asia

CNOOC Limited announced a summary of the company’s business strategy and development plan for the year 2013. The company's net production target of 2013 is in the range of 338 to 348 million barrels of oil equivalent (BOE), while the net production for 2012 is estimated to be 341 to 343 million BOE.

During the year, ten new oil and gas fields in offshore China are expected to come on stream, among which the Liwan 3-1 gas field will become the first large-sized deepwater gas field offshore China. In addition, the startup of Suizhong 36-1 phase II adjustment will make another successful story of the comprehensive adjustment on producing fields, demonstrating the huge potential of the company's producing fields in offshore China. The company will embrace the construction peak in 2013, with 24 new projects under construction.

In 2013, the company will drill around 140 exploration wells, acquire approximately 15,400 kilometers 2-Dimensional (2D) and 24,800 square kilometers 3-Dimensional (3D) seismic data, and continue to enhance the deepwater exploration activities. In addition, a reserve replacement ratio (RRR) of over 100% will be maintained in 2013.

During the year, in order to strengthen its exploration and development business and support a sustainable growth, the company's total capital expenditure is expected to reach US$12 to 14 billion, among which the capital expenditures for exploration, development and production account for around 19%, 70%, and 11% respectively.

Mr. Zhong Hua, CFO of CNOOC Limited commented, "While the operating cost for the energy sector keeps rising up, the company will continue to execute stringent cost control and prudent financial policy. Meanwhile,we will maintain a robust capital expenditure plan to support our production and reserve growth in the future."

"We are confident to achieve 6% to10% CAGR on production growth from 2011 to 2015. In 2013, the company will continue to strengthen our exploration, development and construction activities to further facilitate the company's growth in the future." Mr. Li Fanrong, CEO of the company said.

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