China's offshore crude oil production is expected to drop 11% to 14.5 million metric tons in 1999 from 16.3 million tons in 1998.
It will be the first time in 5 years that China National Offshore Oil Corp.'s (Cnooc) crude production has fallen. Cnooc's production has been growing at an average annual rate of 29% since 1994.
In February, China's offshore crude output fell 9.7% from the January level to 1.3 million tons. However, February production was up 3.2% from 1.26 million tons in February 1998. Of the total in February 1999, 937,254 tons, or 72%, was produced by China Offshore Nanhai East Co. (Conhe), a Cnooc subsidiary.
Cnooc's crude production ...