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CNOOC maintains fuel output target of 340 barrels for 2012

Mar. 6, 2012 (China Knowledge) - China's largest offshore oil producer CNOOC Ltd<883><CEO>, the listed arm of China National Offshore Oil Corp, plans to produce between 330 million and 340 million barrels of oil equivalent this year.  Last year it yielded 332 million barrels.

Hong Kong and U.S.-listed CNOOC targets between 10 million and 13 million metric tons of oil and gas in 2012, said Chairman Wang Yilin on the sidelines of the opening ceremony for the annual National People's Congress on Monday.

Wang, however, did not disclose the details.

In 2012, CNOOC aims to yield 10 million to 13 million metric tons of oil and gas in overseas production, equivalent to 73 million to 95 million barrels, said a person familiar with the matter, adding that the Chinese oil giant would step up importing liquefied natural gas, particularly from Qatar and Australia, this year.
Figures from Ministry of Land and Resources show that China contains 25 trillion cubic meters of recoverable shale gas, more than the same kind of resource in any other country.

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