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CNOOC to Raise 2015 Net Production by 10-15%, Cuts Capex by 26-35%

2015-02-05 08:23:30       source:Rig Zone

February 4, 2015


"China National Offshore Oil Corp. Ltd. (CNOOC) hoped to increase the firm's net production to 475 to 495 million barrels of oil equivalent (MMboe) this year, up 10 to 15 percent from approximately 432 MMboe last year, according to its 2015 business strategy and development plan released Tuesday.


CNOOC said the 2015 net production target will be met by supplies from its fields in China and overseas, with the former accounting for approximately 67 percent, while the remainder will be provided by the latter. The net production targets set for 2016 and 2017 are around 509 and 513 MMboe, respectively."


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