The China National Offshore Oil Company Limited (CNOOC Ltd.)
said on Tuesday that its crude oil and natural gas output would
grow up to 17.8 percent this year as 10 new projects started
operations.
CNOOC Ltd. expected net production to hit 195-199 million
barrels of oil equivalent (BOE) in 2008, compared with the
estimated output of 169-171 million BOE in 2007.
Incorporated in Hong Kong, the company is the listed unit of the
country's third largest oil producer, China National Offshore Oil
Corp. (CNOOC).
Ten new projects were likely to come on stream this year,
including major offshore China projects such as platforms B, D and
E of Penglai 19-3 phase II, the Wenchang oilfields and Xijiang
23-1, it noted.
The oil giant said that it would focus its exploration on fields
offshore and work with partners to explore deepwater blocks. It
expected to achieve a reserve replacement ratio of more than 100
percent in 2008.
It would spend 1.04 billion U.S. dollars of the estimated 5.24
billion U.S. dollars in total capital expenditure on exploration
this year. The total expenditure represented an increase of 43.7
percent from last year.
Fu Chengyu, chairman and chief executive officer, said, "For the
oil producer, 2008 is a new exciting year with rapid growth in
production. I am confident the new projects and active exploration
and development programs will further optimize the quality and
quantity of our assets."
CNOOC would take advantage of high global oil prices to speed up
operations and maintain financial discipline in the face of rising
costs, Yang Hua, executive vice president and chief financial
officer, said.
(Xinhua News Agency January 30, 2008)
