CNOOC Ltd. Projects 2015 Net Production Target In 475 To 495 Mln Boe Range

(RTTNews) - CNOOC Ltd. (CEO, CNU.TO) Tuesday announced a net production target for 2015 in a range of 475 to 495 million barrels of oil equivalent or BOE. The company projects production from China and overseas accounts for approximately 67% and 33% respectively.

Looking ahead to 2016 and 2017, the company expects net production of around 509 and 513 million BOE respectively. For 2014, net production is expected to be around 432 million BOE.

CNOOC noted that 7 new projects are coming on stream, including the Jinzhou 9-3, an independent oilfield. The Kenli 10-1 project and the Bozhong 28/34 comprehensive adjustment project in Bohai are expected to reach peak production of around 36 and 30 thousand BOE per day respectively.

The company said it plans to drill around 162 exploration wells and acquire approximately 36 thousand kilometers of 2-Dimensional seismic data as well as approximately 14 thousand square kilometers of 3-Dimensional seismic data. The reserve replacement ratio is targeted at over 100%.

CNOOC expects a 26 to 35 percent reduction in total capital expenditure budget in the range of RMB70 billion to 80 billion in 2015 compared to the prior year.