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CNOOC targets up to 340 mln BOE for 2012

Jan. 19, 2012 (China Knowledge) - CNOOC Ltd<0883>, the largest offshore oil company in China, aims to produce between 330 million and 340 million barrels of oil equivalent (BOE) in 2012, or between 900,000 and 930,000 BOE per day, more than between 331 million and 332 million BOE it yielded last year.

In 2012, the company intends to drill 114 offshore oilfields, especially wells in deep-water areas of the South China Sea. Four of these oilfields are expected to go into operation this year.

Overseas oilfields owned by the Hong Kong-listed firm include the Long Lake oil sands project in Canada and the Missan oilfield in Iraq.

During the period from 2011 to 2015, CNOOC targets a compound annual production growth rate of 6% to 10%, said CEO Li Fanrong.

The Chinese oil giant also estimated that its capital expenditure for 2012 would reach between US$9.3 billion and US$11 billion, reflecting a year-on-year increase of 38% to 63%, sources reported.

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