CNOOC Sees Higher Net Production In Next Three Years - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) on Wednesday announced its business strategy and development plan for the year 2019.

The company's net production target for 2019 is 480 million to 490 million barrels of oil equivalent or BOE, of which, production from China and overseas accounts for approximately 63% and 37%, respectively.

The net production for 2018 is expected to be approximately 475 million BOE. The Company's net production for 2020 and 2021 are estimated to be 505 million to 515 million BOE and 535 million to 545 million BOE, respectively.

In 2019, six new projects are expected to come on stream, of which the Egina oil field in Nigeria and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in offshore China have commenced production. The other four projects will commence production as scheduled in the year.

In 2019, CNOOC plans to drill 173 exploration wells and acquire approximately 28 thousand square kilometers 3-Dimensional seismic data.

Total capital expenditure for the Company in 2019 is budgeted at 70.0 billion Chinese yuan to 80.0 billion yuan.

Yuan Guangyu, CEO said, "In 2019, the Company will steadily increase the reserve and production of oil and gas and accelerate its digital transformation. Meanwhile, we will continue to pursue a green, low-carbon and environment-friendly development model and promote the high-quality development of the Company, in order to deliver improved shareholder returns."