Gulf Oil and Gas accountACCOUNT

CNOOC Limited Announces its 2019 Business Strategy and Development Plan

Source: www.gulfoilandgas.com 1/23/2019, Location: Asia

CNOOC Limited announced its business strategy and development plan for the year 2019. The Company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63% and 37%, respectively. The Company’s net production for 2018 is expected to be approximately 475 million BOE. The Company’s net production for 2020 and 2021 are estimated to be 505 million to 515 million BOE and 535 million to 545 million BOE, respectively.

In 2019, six new projects are expected to come on stream, of which the Egina oil field in Nigeria and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in offshore China have commenced production. The other four projects, namely Appomattox project in the US Gulf of Mexico, Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project in offshore China will commence production as scheduled in the year.

In 2019, the Company plans to drill 173 exploration wells and acquire approximately 28 thousand square kilometers 3-Dimensional (3D) seismic data.

Total capital expenditure for the Company in 2019 is budgeted at RMB70.0 billion to RMB80.0 billion. The capital expenditures for exploration, development and production account for approximately 20%, 59% and 19%, respectively.

Mr. Xie Weizhi, CFO of the Company, said: “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.”

Development News in China >>

Russia >>  5/19/2020 - Gazprom Neft subsidiary Gapzromneft-Zapolyarye is set to begin developing Neocomian-Jurassic deposits at the Bovanenkovskoye oil and gas condensate fi...
Norway >>  5/18/2020 - Norway's Petroleum Safety Authority has given Repsol Norge (Repsol) consent to use the Maersk Inspirer mobile facility on the Yme field. ...

Papua-New Guinea >>  5/18/2020 - Twinza welcomes the announcement by the PNG Prime Minister, the Honourable James Marape, that the National Executive Council has endorsed the submissi...
Russia >>  5/13/2020 - Gazpromneft-Zapolyarye has commissioned its first “fishbone” well at an oil-rim deposit at the Chayandinskoye field in Yakutia. The initial flow rate ...

Mongolia >>  5/11/2020 - Petro Matad Limited, the AIM quoted Mongolian oil explorer, provides an update on cost saving measures and its application for an Exploitation Licence...
Iraq >>  5/1/2020 - Genel Energy plc provides the following update on the Bina Bawi PSC. Extensive documentation was received in mid-April from the Kurdistan Regional Gov...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

Oil & Gas Projects in China >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.