The Chinese oil and gas company China National Offshore Oil Corporation (CNOOC) has issued its latest business strategy and development plans for 2018. The company expects to invest around RMB70-80bn (US$11.1-12.7bn), of which 65% will be dedicated to project development, while 18% will be allocated to exploration and 16% to production activities.
CNOOC targets a net production figure of 470-480 mboe/year in 2018 (469 mboe/year in 2017), of which 64% will come from China and 36% from the company's overseas activities. Five new projects are expected to be commissioned during the year: the Stampede oil and gas field in the Gulf of Mexico (United States), the Weizhou 6-13 and Penglai 19-3 oil fields along with the Dongfang 13-2 and Wenchang 9-2/9-3/10-3 gas fields in offshore China. In addition, 132 exploration wells will be drilled in 2018.
CNOOC also forecasts net production figures of 485 mboe and 500 mboe in 2019 and 2020, respectively.