CNOOC Ltd. will steadily increase its oil and natural gas reserves and production this year with plans to drill 173 exploration wells, acquire 29,000 sq km of 3D seismic data, and put six new projects onstream.
Reporting its plan for the year, the company said its net production target for 2019 is 480-490 million boe, of which, production from China and overseas accounts for a respective 63% and 37%. The company’s net production for 2018 is expected to be 475 million boe. Net production for 2020 and 2021 are estimated to be 505-515 million boe and 535-545 million boe, respectively.
This year, six new projects are expected to come onstream, of which Egina oil field in Nigeria and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in offshore China have commenced production (OGJ Online, Jan. 2, 2019; Jan. 16, 2019). The other four projects—Appomattox in the US Gulf of Mexico, Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project, and Wenchang 13-2 comprehensive adjustment project in offshore China—will start up as scheduled in the year.
Total capital expenditures for the year is budgeted at 70-80 billion yuan. Exploration will account for 20% of this total, development for 59%, and production, 19%.