By OGJ editors
HOUSTON, Jan. 30 -- China state-owned CNOOC Ltd. anticipates that more than 20 projects will go on stream in a few years, with 5 projects to come on stream this year. Its development budget is $3.65 billion this year, representing a 19% growth over 2006.
The company's targeted net production for 2007 is 162-170 million boe compared with an estimated net production of 165-168 million boe last year. CNOOC expects to achieve a 100% reserve replacement ratio this year.
CNOOC plans to spend $382 million, or 75% of its exploration budget, on projects off China in 2007. The company also plans to increase its deepwater exploration abroad.
