CNOOC Limited Announces 2021 Business Strategy & Development Plan

Source: www.gulfoilandgas.com 2/4/2021, Location: Asia

China National Offshore Oil Corporation (CNOOC) announced its 2021 business strategy and development plan.

2020 is an extraordinary year. Under the leadership of the board of directors, the company’s management led all employees to overcome the huge impact of low oil prices and the new crown pneumonia epidemic, strictly implemented epidemic prevention and control measures, vigorously promoted the increase in reserves and production, in-depth development of cost reduction and efficiency enhancement, and solid progress in reform and innovation. To ensure safe production, CNOOC's net output in 2020 will reach approximately 528 million barrels of oil equivalent, a record high.

In 2021, CNOOC will further consolidate its reserve resource base, with a net production target of 545 million barrels to 555 million barrels of oil equivalent, of which China accounts for about 68% and overseas accounts for about 32%; it plans to drill 217 exploration wells and plans to acquire 3D The seismic data is about 17,000 square kilometers; 19 new projects are expected to be put into operation, mainly including the development of the Lingshui 17-2 gas field group in the Chinese waters, the regional development of the Lufeng oil field group, the Caofeidian 6-4 oil field and the British Buzzard oil field Phase II, The first phase of Mero oil field in Brazil, etc. In 2021, CNOOC’s total capital expenditure budget is RMB 90 billion to 100 billion, of which exploration, development and production capitalization expenditures are expected to account for approximately 17%, 61% and 20% of the total capital expenditure budget respectively.

In 2022 and 2023, the company's net production targets are 590 million barrels to 600 million barrels of oil equivalent and 640 million barrels to 650 million barrels of oil equivalent, respectively.

CNOOC Chief Executive Officer Xu Keqiang said: “In 2021, the company will continue to focus on high-quality development, steadily promote oil and gas reserves and production, focus on investment efficiency, consolidate cost competitiveness, and actively implement the concept of green and low-carbon development to achieve excellence. The performance returns to shareholders.”


United States >>  6/28/2022 - A privately held exploration and production company with a focus on the deepwater Gulf of Mexico ("GOM"), LLOG Exploration Company, L.L.C. ("LLOG" or ...
Argentina >>  6/27/2022 - The upstream energy firm with a focus on Latin America, Echo Energy plc, reports that AIM Regulation has given the company an extra two months to publ...

United States >>  6/27/2022 - The oil exploration, development, and production company Mosman Oil and Gas Limited ( MSMN) is happy to deliver the following operational update. ...
Canada >>  6/24/2022 - ReGen III Corp. is pleased to provide the following updates regarding its Sale, Purchase and Marketing Agreement with bp.

On May 1, 2021, ...


Iraq >>  6/24/2022 - Gulf Keystone, a prominent independent operator and producer in the Kurdistan Region of Iraq, delivers an operational and corporate update ahead of to...
Nigeria >>  6/23/2022 - ADM Energy PLC, a natural resources investing company, announces its audited full year results for the 12 months ended 31 December 2021.

I...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.