Marine Link
Saturday, December 3, 2016

China Oil Major to Step Up 2014 Offshore Exploration Plans

February 7, 2014

China offshore operations: Image credit CNOOC

China offshore operations: Image credit CNOOC

China's CNOOC (CEO) has announced a summary of its business strategy and development plan for Year 2014 as follows:

The company says it has an extensive exploration program and plans to drill roughly 155 exploration wells and acquire approximately 26.7 thousand kilometers of 2-Dimensional (2D) seismic data as well as approximately 19.4 thousand square kilometers of 3-Dimensional (3D) seismic data. Within the year, the company will continue to strengthen the deepwater exploration. In 2014, the company is targeted to a reserve replacement ratio (RRR) of over 100%.

The company's net production target of 2014 is in the range of 422 to 435 million barrels of oil equivalent (BOE), including approximately 69 million BOE as a result of the acquisition of Nexen Inc. (Nexen).

During 2014, the company expects 7 to 10 new projects to come on stream. Independent oilfields Kenli 3-2 and Qinhuangdao 32-6 comprehensive adjustment project under the PSC contract, both located in Bohai, are expected to reach a peak daily production at around 37 thousand BOE and 36 thousand barrels respectively. Enping 24-2 project, located in Pearl River Mouth Basin, is expected to reach a peak daily production at around 40 thousand barrels.

First oil from the Golden Eagle development in the UK North Sea, in which the company holds a 36.5% working interest and acts as the operator, is expected in late 2014. Once fully commissioned, Golden Eagle is expected to reach a peak daily production of up to 70,000 BOE. In 2014, the company expects a busy pipeline of engineering and construction with about 20 new projects under construction.

Mr. Li Fanrong, CEO of the company commented, "We maintain our production target of 6-10% CAGR from 2011-2015. To accomplish this during 2014, we will stick with the company's strategic goals and strengthen exploration and development activities in order to create excellent returns for our shareholders."
 

 



 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News