CNOOC Ltd. plans to steadily increase its oil and gas reserves and production through 2022, the company said Jan. 13.
The company’s targeted net production for 2020 is 520-530 MMboe, of which, production from China and overseas accounts for 64% and 36%, respectively. The company’s net production for 2019 is expected to be 503 MMboe. Net production for 2021 and 2022 are estimated to be around 555 MMboe and 590 MMboe, respectively.
In 2020, CNOOC plans to drill 227 exploration wells and collect 27,000 sq km of 3D seismic data. Within the year, 10 new projects are expected to come on stream, namely Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project, and Liuhua 16-2 oil field/20-2 oil field joint development project offshore China; Liza oil field phase 1 in Guyana; and Buzzard oil field phase II in the UK. Among which, Liza oil field phase 1 in Guyana has already come on stream ahead of schedule.
The company’s total capital expenditure for 2020 is budgeted at 85-95 billion yuan. The capital expenditures for exploration, development, production and others will account for 20%, 58%, 20%, and 2% of the total capital expenditure, respectively.
