CNOOC Announces Development Plan For 2017 - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced the company's net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent. There will be 5 new projects coming on stream during the year. In 2017, the company plans to drill 126 exploration wells. The company's total capital expenditure for 2017 will be in the range of RMB 60.0 to RMB 70.0 billion.

Yang Hua, CEO, stated: "In 2017, we will balance both short-term and mid to long-term development, pursue quality growth, increase profitability-oriented production volume in order to bring better return for our investors."

The net production targets set for 2018 and 2019 are 455 million to 465 million BOE and 460 million to 470 million BOE, respectively. The net production for 2016 is expected to be approximately 476 million BOE.