China Oil Major to Step Up 2014 Offshore Exploration Plans
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)…
CNOOC Confirms Oilfield Find
CNOOC Limited (NYSE: CEO, SEHK: 00883) announced that the Company has successfully appraised the Penglai(PL)9-1 hydrocarbon bearing structure following the discovery made in 2010. The appraisal confirmed that PL9-1 is a large oilfield. PL9-1 is located in the Miaoxibei uplift in the eastern part of Bohai, with an average water depth of 25 meters. One of the appraisal wells PL9-1-5 encountered oil pay zones in buried hill with total thickness of over 200 meters, and the well was tested to produce around 700 barrels of oil per day. PL9-1 is the largest oilfield among the recent years’ discoveries by scale in Bohai. Furthermore, the Company also made a successful discovery of PL15-2 structure…
CNOOC Changes to Senior Management
The board of directors of CNOOC Limited announced that Mr. Fu Chengyu, an Executive Director of the Company, will be re-designated as a Non-executive Director of the Company. Mr. Fu remains the Chairman of the Board. Mr. Li Fanrong, a Non-executive Director of the Company, will be re-designated as an Executive Director of the company. The re-designations of Mr. Fu and Mr. Li will become effective from 16 September 2010. Born in 1951, Mr. Fu received a B.S. degree in geology from the Northeast Petroleum Institute in China and a master degree in petroleum engineering from the University of Southern California in the United States. He has over 30 years of experience in the oil industry in the PRC. He previously worked in China’s Daqing, Liaohe and Huabei oil fields.
