CNOOC Unveils 2020 Development Plan
Chinese state-run CNOOC January 13 announced its business strategy and development plan for the year 2020.
The company’s targeted net production for 2020 is 520mn-530mn barrels of oil equivalent, of which, production from China and overseas accounts for approximately 64% and 36%, respectively. CNOOC’s net production for 2019 is expected to be approximately 503mn boe. The company’s net production for 2021 and 2022 are estimated to be around 555mn boe and 590mn boe, respectively.
CNOOC’s total capital expenditure for 2020 is budgeted at yuan 85bn-95bn ($12.33bn-$13.78bn), it said. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively. In 2020, the company plans to drill 227 exploration wells and collect approximately 27,000 km2 seismic data.
This year, ten new projects are expected to come on stream, namely Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oil filed S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project and Liuhua 16-2 oil field/20-2 oil field joint development project in offshore China, Liza oil field phase 1 in Guyana and Buzzard oil field phase II in the UK. Among which, Liza oil field phase 1 in Guyana has already come on stream ahead of schedule, the company said.