CNOOC Targets Lower Net Production In 2016 - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced Tuesday its business strategy and development plan for the year 2016. The company said its net production target for 2016 is in the range of 470-485 million barrels of oil equivalent or BOE, of which approximately 66% and 34% are produced in China and overseas respectively.

The estimated net production for 2015 was approximately 495 million BOE.

The net production targets set for 2017 and 2018 are around 484 and 502 million BOE, respectively.

There will be 4 new projects coming on stream. Currently, nearly 20 projects are under construction.

Within the year, the company said it plans to drill around 115 exploration wells and acquire approximately 10 thousand kilometers of 2-Dimensional seismic data as well as approximately 14 thousand square kilometers of 3-Dimensional seismic data.

The Company's total capital expenditure for 2016 will be no more than RMB60.0 billion.

Zhong Hua, CFO of the Company, said, "In response to the continued challenge posed by low oil prices, we will maintain prudent financial policy and further strengthen cost-control measures in order to make steady progress in the overall business, including exploration, development and production."