CNOOC Ltd. plans to drill 227 offshore exploration wells, 132 onshore unconventional exploration wells, and acquire about 17,000 sq km 3D seismic data in 2022.
Thirteen new projects are expected to come on stream. In China, these include the Bozhong 29-6 oil field development, Kenli 6-1 oilfield Block 5-1, 5-2, 6-1 development, Enping 15-1/10-2/15-2/20-4 joint development, and Shenfu South gas field development. Other projects include Liza Phase II in Guyana and 3M (MDA, MBH, MAC) in Indonesia.
The company’s targeted net production for 2022 is 600-610 MMboe. Production from China and overseas accounts for about 69% and 31%, respectively. Net production for 2021 is expected to be about 570 MMboe. Net production for 2023 and 2024 are estimated to be 640-650 MMboe and 680-690 MMboe, respectively.
Total capital expenditure for 2022 is budgeted at RMB 90-100 billion. Capital expenditures for exploration, development, production, and others will account for about 20%, 57%, 21% and 2% of total capital expenditures, respectively.
