CNOOC Ltd. sees production gain in 2018

CNOOC Ltd. expects its worldwide oil and gas production to increase by as much as 2.3% in 2018, during which it plans to drill 132 exploration wells and acquire 19,000 sq km of 3D seismic data.

CNOOC Ltd. expects its worldwide oil and gas production to increase by as much as 2.3% in 2018, during which it plans to drill 132 exploration wells and acquire 19,000 sq km of 3D seismic data.

From net oil and gas production expected to total 469 million boe in 2017, the company’s production will increase this year to 470-480 million boe.

CNOOC Ltd. expects net oil and gas output to total 485 million boe in 2019 and 500 million boe in 2020.

Of this year’s expected production, 64% will be in China.

The company expects production to start from five projects in which it holds interests this year: Stampede oil field operated by Hess in the deepwater Gulf of Mexico and, offshore China, Weizhou 6-13 oil field, Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project, Dongfang 13-2 gas fields, and Wenchang 9-2/9-3/10-3 gas fields.

The company has budgeted capital spending of ¥70-80 billion ($11-13 billion), of which 18% will be for exploration, 65% for development, and 16% for production.

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