China's largest producer of offshore oil and gas CNOOC plans to produce 450-460 mboe of oil and gas in 2017 - 64% of this amount would be produced in China and 36% overseas - and to raise production levels to 455-465 mboe in 2018 and to 460-470 mboe in 2019, compared to a net output of 476 mboe in 2016.
Five new projects are expected to come on stream during the year, of which two have commenced production, namely the Penglai 19-9 oilfield comprehensive adjustment project and the Enping 23-1 oilfields in China. CNOOC also plans to commission the second phase of the Weizhou 12-2 oilfield project in China, the BD gas field in Indonesia and the Hangingstone project in Canada. CNOOC plans to drill 126 new exploration wells during the year and to acquire 13,000 km² of 3D seismic data.
Total capital expenditure for 2017 should range between Cyu 60bn and Cyu 70bn (US$8.7-10.2bn).