Cnooc to Bring Six Projects Online this Year
Chinese state-owned Cnooc expects to bring on stream six new projects this year, it said January 23.
Among the six, Egina oil field in Nigeria and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project offshore China have commenced production. The other four projects, namely Appomattox project 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 commence production as scheduled in the year, Cnooc said.
Cnooc's capital expenditure in 2019 is budgeted at yuan 70bn - 80bn ($10.3bn - $11.8bn). The capital expenditures for exploration, development and production account for approximately 20%, 59% and 19%, respectively.
The company’s net production target for 2019 is 480mn boe – 490mn boe, higher than 2018’s expected output of 475mn boe. In 2019, production from China and overseas is expected to be approximately 63% and 37%, respectively.
In 2019, Cnooc plans to drill 173 exploration wells and acquire approximately 28,000 km2 of 3D seismic data.