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CNOOC expects 10 new projects to come onstream in 2020

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Oilfield Technology,

CNOOC Limited has announced its business strategy and development plan for the year 2020.

The company’s targeted net production for 2020 is 520 million to 530 million boe, of which, production from China and overseas accounts for approximately 64% and 36%, respectively. The company’s net production for 2019 is expected to be approximately 503 million boe. The company’s net production for 2021 and 2022 are estimated to be around 555 million BOE and 590 million boe, respectively.

The company’s total CAPEX for 2020 is budgeted at RMB85 billion to RMB95 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total CAPEX, respectively.

In 2020, the company plans to drill 227 exploration wells and collect approximately 27 000 km2 3-Dimensional (3D) seismic data.

In 2020, ten new projects are expected to come onstream, namely Penglai 19-3 oilfield block 4 adjustment/Penglai19-9 oilfield phase II, Qinhuangdao 33-1 South oilfield phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oilfield S1 area, Jinzhou 25-1 oilfield 6/11 area, Liuhua 29-1 gas field development project and Liuhua 16-2 oilfield/20-2 oilfield joint development project in offshore China, Liza oilfield phase 1 in Guyana and Buzzard oilfield phase II in the UK. The Liza oilfield phase 1 in Guyana has already come onstream ahead of schedule.

Xie Weizhi, CFO, said: “The company will continue to maintain cost competitiveness, maintain prudent investment decision-making, and ensure the effective implementation of the capital expenditure plan to fully promote the company to a new phase of high-quality development.”

Xu Keqiang, CEO and President said: “In 2020, the company will steadily increase its oil and gas reserves and production, pursue profitable reserves and production, lay a solid foundation for high-quality development through technology innovations and management enhancement, and create excellent returns for our shareholders.

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