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: 188 (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
Royalties
Royalties: amounts referring to May production distribut...
23/07/26
Fuels
Fuel and lubricants sector registers 1.8% drop in June, ...
22/07/26
IBP
Studies point to redundancy of the export tax and extra ...
22/07/26
PPSA
7th Spot Auction: PPSA markets cargoes from Atapu and Ba...
20/07/26
Results
Union oil production reaches 244 thousand barrels per da...
17/07/26
State of Ceará
Natural gas arrives in Cariri (CE) and strengthens econo...
16/07/26
Terminals
Vast announces contract extension with PETRONAS Brasil u...
15/07/26
International
War, oil and the dollar: how global fluctuations impact ...
13/07/26
ANP
Third-party access to natural gas flow pipelines and pro...
10/07/26
Agreement
ANP and Petrobras sign agreement to bring 335 offshore w...
07/07/26
Logistics
Vast Infraestrutura and Petrobras strengthen partnership...
07/07/26
IBP Positioning
Change of the instrument does not fix the illegalities o...
07/07/26
Energy Summit
Energy Summit 2026: Embrapii technologies strengthen Bra...
22/06/26
Energy Summit
Biodiesel and renewable fuels move to the center of the ...
22/06/26
Natural Gas
ANP extends public consultation on the calculation of th...
22/06/26
Rio de Janeiro
Firjan’s Oil Yearbook in Rio highlights that positive pr...
22/06/26
Biomethane
With a market five times larger since 2020, the biometha...
22/06/26
Petrobras
Petrobras approves investment in bio-jet fuel and renewa...
22/06/26
BOGE2026
Smart Control Gains Prominence at Bahia Oil & Gas Energy...
09/06/26
BOGE2026
Bahia Oil & Gas Energy Concludes Historic Edition and Se...
06/06/26
Branded Content
Boaventura Energy Complex drives Brazil’s energy future ...
06/06/26
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.