BEIJING, Jan. 25 (Xinhua) -- China National Offshore Oil Corporation (CNOOC, 00883.HK) Wednesday announced that the company's targeted net production for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63 percent and 37 percent, respectively.
In 2018, its net production is anticipated at about 475 million BOE. Estimated net production for 2020 and 2021 are 505 million-515 million BOE and 535 million-545 million BOE, respectively.
According to the announcement, the company’s total capital expenditure for 2019 is budgeted at 70 billion-80 billion yuan, of which 20 percent, 59 percent and 19 percent will be allocated for exploration, development and production, respectively.
In 2018, the capital expenditure was budgeted at the same range, while budget for exploration, development and production accounted for approximately 18 percent, 65 percent and 16 percent, respectively.
In addition, six new projects are expected to come on stream in 2019, among 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 already came on stream. The other four projects, namely Appomattox project in the Gulf of Mexico in the United States, Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project in offshore China will be put into production as scheduled in the year.
In 2019, the company plans to drill 173 exploration wells and acquire 3-Dimensional (3D) seismic data covering approximately 28,000 square kilometers.
Yuan Guangyu, CEO of CNOOC, noted that the company will steadily increase reserve and productions levels, continue to reinforce high-quality development, and maintain prudent financial policy and investment decision-making. (Edited by Wu Shuang, wushuang2018@xinhua.org)
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