CNOOC Ltd. sees production gain in 2018 | Oil & Gas Journal

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.

More in Production Operations

191003 Hgsl Tolmount Diagram

Tolmount platform in UK North Sea gets installation operator

Humber Gathering System, a Kellas Midstream company, and Dana Petroleum have appointed ODE Asset Management as installation operator of the Tolmount platform, a normally unattended installation in the southern UK North Sea.

Leviathan, Tamar sales commitments hiked

Noble Energy Inc. and partners in deepwater Leviathan and Tamar natural gas fields offshore Israel have amended their agreements with an Egyptian gas buyer to more than double firm volume commitments.

191002 Aker Bp Valhall Rendition

Valhall West Flank facility start-up approved

The start-up of the Valhall West Flank facility in the North Sea has been approved by the Norwegian Petroleum Directorate. The facility is a further development of Valhall field in the southern part of the Norwegian Continental Shelf, 290 km offshore.

191001 Hibernia Restart Platform

Hibernia oil production restarting again

Production is resuming at Hibernia oil field offshore Newfoundland and Labrador after a second shutdown forced by an oil release, reports Hibernia Management & Development Co. Ltd., the operator.

Alberta lifts allowable oil output rate

Alberta is raising allowable oil production in the province by 10,000 b/d in November and December from the October level. It imposed output cuts totaling 325,000 b/d in response to pipeline congestion lowering oil values at points of production.

190927 Var Energi Balder

Var Energi lets contract for Balder X project

Var Energi let a contract to Baker Hughes and Norwegian contractor Ocean Installer for the engineering, procurement, construction, and installation of subsea systems and associated services for the Balder X project on the Norwegian Continental Shelf.

Santos lets contract for Barossa pipeline

The ConocoPhillips-operated joint venture in the Timor Sea off the Northern Territory has let a contract for the construction of an export pipeline in Barossa natural gas field development to Swiss company Allseas Group SA.

190925 Rystad U Sshale Chart

Rystad Energy: US shale bankruptcies not ‘industry-wide epidemic’

Despite a wave of financial adversity that has tormented US onshore E&P companies lately, Rystad Energy does not view this as a harbinger of doom for the shale industry’s future.

Posco lets FEED contract for Shwe Phase 3 development

Posco International Corp. (formerly Posco Daewoo) has let a front-end engineering and design contract to McDermott International Inc. for Shwe Phase 3 gas field development offshore Myanmar.

API: US oil production, demand remarkably strong in August

Despite weaker leading economic indicators in August, the American Petroleum Institute’s Monthly Statistical Report recorded remarkably strong US oil production, demand, and trade activities for the month.

Northern Oil & Gas Australia goes into voluntary administration

Northern Oil & Gas Australia, operator of the Northern Endeavour FPSO in the Timor Sea, along with its associate companies TOGA Services and Timor Sea Oil & Gas Australia, have gone into voluntary administration.

Gas production starts from field off Egypt

Eni SPA and 50-50 partner BP PLC have started production from Baltim South West natural gas field in the Great Nooros area offshore Egypt and plan more drilling.

190919 Chevron St Malo Platform

Chevron sanctions waterflood for St. Malo field

Chevron Corp. sanctioned a waterflood project to extend the life of St. Malo field, which lies 280 miles south of New Orleans in the Gulf of Mexico. The project is Chevron’s first waterflood in the deepwater Wilcox trend.

Saudi officials see early supply recovery

Saudi Arabia’s oil production will recover faster than initially feared from damage inflicted by unmanned aircraft Sept. 14 to the Abqaiq crude oil processing complex and Khurais oil field, Saudi officials say.