Perspective

CNOOC provides 2014 business strategy and development plan

Company expects to have about 20 new projects under construction.

CNOOC
21/01/2014 13:04
Visualizações: 184 (0) (0) (0) (0)

 

 CNOOC Ltd. has provided a summary of its 2014 business strategy and development plan. The company's 2014 net production target ranges from 422 MMboe to 435 MMboe, including 69 MMboe as a result of the Nexen Inc. acquisition. CNOOC’s 2013 net production is estimated at 412 MMboe, including 61 MMboe of production from the Nexen acquisition.
During 2014, CNOOC expects 7 to 10 new projects to come onstream. The independent oil fields Kenli 3-2 and Qinhuangdao 32-6 comprehensive adjustment project under a PSC contract, both located in Bohai, are expected to reach a peak daily production at 37,000 boe and 36,000 boe, respectively.
The Enping 24-2 project in the Pearl River Mouth basin is expected to reach a peak daily production at around 40,000 bbl. First oil from the Golden Eagle development in the UK North Sea, in which CNOOC 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, CNOOC expects to have about 20 new projects under construction. It has an extensive exploration program this year and plans to drill roughly 155 exploration wells and acquire approximately 26,700 km (16,590 mi) of 2D seismic data, and 19,400 sq km (7,490 sq mi) of 3D seismic data. Within the year, the company will continue to strengthen its deepwater exploration. In 2014, CNOOC is targeted to a reserve replacement ratio of over 100%. In 2014, to support sustainable growth by enhancing exploration and development operation, the company expects to incur a total capital expenditure of RMB 105–120 billion (with Nexen accounting for 19%), in which the capex for exploration, development, and production represent 19%, 65%, and 14%, respectively.

 CNOOC Ltd. has provided a summary of its 2014 business strategy and development plan. The company's 2014 net production target ranges from 422 MMboe to 435 MMboe, including 69 MMboe as a result of the Nexen Inc. acquisition. CNOOC’s 2013 net production is estimated at 412 MMboe, including 61 MMboe of production from the Nexen acquisition.


During 2014, CNOOC expects 7 to 10 new projects to come onstream. The independent oil fields Kenli 3-2 and Qinhuangdao 32-6 comprehensive adjustment project under a PSC contract, both located in Bohai, are expected to reach a peak daily production at 37,000 boe and 36,000 boe, respectively.


The Enping 24-2 project in the Pearl River Mouth basin is expected to reach a peak daily production at around 40,000 bbl. First oil from the Golden Eagle development in the UK North Sea, in which CNOOC 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, CNOOC expects to have about 20 new projects under construction. It has an extensive exploration program this year and plans to drill roughly 155 exploration wells and acquire approximately 26,700 km (16,590 mi) of 2D seismic data, and 19,400 sq km (7,490 sq mi) of 3D seismic data. Within the year, the company will continue to strengthen its deepwater exploration. In 2014, CNOOC is targeted to a reserve replacement ratio of over 100%. In 2014, to support sustainable growth by enhancing exploration and development operation, the company expects to incur a total capital expenditure of RMB 105–120 billion (with Nexen accounting for 19%), in which the capex for exploration, development, and production represent 19%, 65%, and 14%, respectively.

Most Read Today
see see
International
PortXL presents its 2026 cohort of 11 maritime startups ...
30/09/26
ADIPEC
ADIPEC 2026 set to welcome record Asian participation as...
29/09/26
ANP
Royalties: amounts referring to July production were dis...
29/09/26
25th WPC
Riyadh Takes Center Stage as Global Energy Heavyweights ...
28/09/26
ROG.e 2026
Petrobras president advocates active exploration and exp...
25/09/26
ROG.e 2026
Nikki Martin, president and CEO of EnerGeo Alliance, spo...
25/09/26
ROG.e 2026
Oil States Highlights Integration Between Engineering, M...
25/09/26
ROG.e 2026
Port of Açu and OceanPact sign agreement for expansion o...
25/09/26
ROG.e 2026
Lumina’s Role and the Impact of ROG.e 2026 on the Energy...
25/09/26
ROG.e 2026
Leaders Identify Brazil as a Pillar of Energy Security a...
24/09/26
ROG.e 2026
Firjan SENAI and Sebrae Rio Connect Small Businesses wit...
24/09/26
ROG.e 2026
PPSA Study Identifies Best Practices to Support Investme...
24/09/26
ROG.e 2026
ROG.e 2026 Reinforces the DE&I Agenda in the Energy Sect...
24/09/26
ROG.e 2026
IBP Launches Publication on Energy Companies’ Socio-envi...
23/09/26
ROG.e 2026
Industry Giants and Independent Producers Accelerate Pro...
22/09/26
ROG.e 2026
Firjan Attends ROG.e 2026 Opening Ceremony and Signs Tec...
22/09/26
ROG.e 2026
ROG.e 2026 Opening Ceremony Highlights Just Energy Trans...
21/09/26
ROG.e 2026
Global Leaders Position Brazil as a Hub of Stability, At...
21/09/26
ROG.e 2026
Exclusive Interview: Pelagus targets Brazil to strengthe...
21/09/26
ROG.e 2026
At ROG.e, Firjan SENAI Holds the 30th Edition of the Sup...
21/09/26
ROG.e 2026
ROG.e 2026 kicks off next Monday (21) with global energy...
19/09/26
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.