OTC: CNOOC to more than double output by 2030

05/07/2012
China National Offshore Oil Co. plans to boost its output to 120 million tonnes/year by 2030 from 2011 levels of 50.14 million tpy. Xiaojian Jin, CNOOC general manager for projects and construction and project manager for South China Sea deepwater development, while speaking May 1 at the Offshore Technology Conference in Houston, also said the company plans to become one of the 15 largest oil companies in the world over that timing. Jin cited a 159% reserve replacement ratio in 2011 and 16 projects currently under construction offshore China as early indications of CNOOC's progress toward meeting these goals. CNOOC will build 828 km of offshore pipeline in 2012 compared with 48 km in 2011...
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