CNOOC's 2016 Output Set to Decline

CNOOC Limited on Tuesday said its net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), lower than the estimated 495 million BOE production in 2015.

The information was contained in the business strategy and development plan for the year 2016 that was published on CNOOC’s website.

Out of the 470-485 million BOE target for 2016, CNOOC expects approximately 66 percent and 34 percent would be produced in China and overseas respectively.

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

The company’s total capital expenditure for 2016 will be no more than RMB60 billion ($9.12 billion) compared with RMB 67.5 billion in 2015. Of that amount, the capital expenditures for exploration, development and production will account for around 19 percent, 64 percent and 13 percent respectively.