China Oil Major to Step Up 2014 Offshore Exploration Plans

MarineLink.com
Thursday, February 06, 2014
China offshore operations: Image credit CNOOC

China's CNOOC 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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BMT Awarded Port Geographe Coastal Engineering Contract

BMT JFA Consultants (BMT), a subsidiary of BMT Group,  has been awarded a contract by the Western Australian Department of Transport (DoT) to provide services as

PPG Debuts New Antifoulings

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Offshore

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

Damen, AMELS sell YSV with Heli Hanger

The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS.

Golar Moves Ahead with lucrative FLNG Project in Cameroon

Golar LNG Limited inform that with regards the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco")

Fuels & Lubes

Hapag-Lloyd's New Noses Lower Emissions

Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also

First ME-LGI Engine Test Deemed a Success

Mitsui tests first commercial model on HFO and methanol   MAN Diesel & Turbo licensee Mitsui Engineering & Shipbuilding Co., Ltd. (MES) recently demonstrated

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

Offshore Energy

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

Damen, AMELS sell YSV with Heli Hanger

The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Underwater Engineering

New Imagery Allows Viewers to ‘Tour’ WWII Shipwrecks

High-tech underwater cameras help uncovering the secrets of HMAS Sydney   A recent expedition to survey historic World War II shipwrecks has produced a wealth

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

San Leon Signs Moroccan Rig Deal

San Leon Energy signed a rig contract for the drilling of the El Aaiun-4 well on the Tarfaya conventional licence, onshore Morocco. The rig contract has been

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1571 sec (6 req/sec)