CNOOC Ltd 2010 Business Strategy

Wednesday, February 03, 2010

CNOOC Limited announced a summary of its business strategy and development plan for the year 2010. The total targeted net production of the company in 2010 is 275 million to 290 million barrels of oil equivalent (BOE) (assuming with WTI at $75/barrel). The company’s net production for 2009 is estimated to be 226 million to 228 million BOE (with WTI at $62/barrel).

During the year, nine new projects are expected to come on stream, all of which are located in offshore China, including major projects such as Jinzhou 25-1 and Bozhong 19-4. These new projects, together with projects that came on stream in 2009, are expected to strongly support the company’s production growth in 2010. In the meantime, a mild decline rate on certain producing fields, achieved with the effective measures on enhanced oil recovery, is also expected to be an important driver for the production growth in 2010.

In 2010, the company’s exploration will focus on oil exploration in core areas, natural gas exploration, and deep water exploration, with intensive exploration program including 98 exploration wells, 21,000 kilometers 2D seismic and 11,800 square kilometers 3D seismic. The company aims to achieve a reserve replacement ratio (RRR) of over 100% in 2010.

In 2010, in order to support strong production growth and intensive exploration program, the company’s total capital expenditure is expected to reach US$7.93 billion, representing an increase of approximately 29.5% over the estimated capital expenditure of 2009. During the year, the company’s capital expenditures for exploration, development and production are expected to reach $1.47b, $4.81b, and $1.5b, respectively. The company expects that these capital expenditures will strongly support its production and reserves growth in the future.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

DW to Present at Upcoming Floating LNG 2014, Houston

Douglas-Westwood (DW) says that its manager in Houston, Andrew B. Meyers will be joining the speakers on the platform at the upcoming 27th-30th October 2014 'Floating

Offshore

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

Crowley Maritime Open Singapore Office

Crowley Maritime Corp. says it has opened a full-service project management and logistics solutions office in Singapore under the leadership of industry veteran William Hill.

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1421 sec (7 req/sec)