CNOOC expects production to jump in 2013

CNOOC Ltd. has set a net production target of 338-348 million boe for 2013, compared with 341-343 million boe in 2012, anticipating the start-up of 10 oil and natural gas fields offshore China.

In a strategy statement, the state-owned company said the start-ups will include Liwan 3-1 gas field on Block 29/26 in the South China Sea. The field lies in about 1,345 m of water 350 km southeast of Hong Kong. Husky Energy Inc. operates deepwater parts of the field, including development drilling and completions, subsea equipment and controls, and subsea tiebacks to a platform in shallow water, with a 49% interest. CNOOC operates shallow-water infrastructure, including the platform, a pipeline to shore, and an onshore gas processing plant, with 51%.

Liwan 3-1 is one of three fields in the Liwan Gas Project, production from which eventually is to reach 500 MMcfd (OGJ Online, Sept. 20, 2011). The other fields in the project are Liuhua 34-2 and Liuhua 29-1.

CNOOC expects this year to drill 140 exploratory wells and acquire 15,400 line-km of 2D seismic data and 24,800 sq km of 3D seismic data.

It projects capital expenditures of $12-14 billion in 2013, of which 19% will be for exploration, 70% for development, and 11% for production.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected