Chinese state-run Cnooc expects a 3-5% year/year increase in its production in 2021, it said in a February 4 statement. 

The company sees its net production this year between 545-555mn barrels of oil equivalent compared with 528mn boe in 2020. It also plans to drill 217 exploration wells and collect approximately 17,000 km² of 3-dimensional seismic data. Cnooc plans to bring 19 new projects on stream this year. The key projects include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil. 

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The company’s total capital expenditure for 2021 is budgeted at yuan 90-100bn ($13.93-$15.48bn). The capital expenditures for exploration, development and production will account for approximately 17%, 61% and 20%, respectively. 

Cnooc’s net production for 2022 and 2023 are estimated to be 590-600mn boe and 640-650mn boe, respectively.