CNOOC Ltd., China's largest offshore oil producer, aims to increase crude oil and natural gas output by as much as 18 percent this year as economic growth spurs energy demand.
CNOOC targets production of between 195 million and 199 million barrels of oil equivalent this year, compared with last year's output of between 169 million and 171 million barrels, the Beijing-based company said in a statement today.
Economic growth that reached 11.4 percent last year has forced China's oil companies to scour the planet and drill deeper to meet the nation's energy needs. Planned capital spending may jump 44 percent this year to $5.24 billion as CNOOC brings 10 new projects on line and seeks new fields.
``2008 is a new exciting year with rapid growth in production,'' CNOOC Chairman Fu Chengyu said in the statement. ``The quality and quantity of our assets will be further optimized, bringing better return for the shareholders.''
CNOOC has jumped 65 percent in Hong Kong trading in the past year, ranking the stock fifth among the 59 members of the Bloomberg World Oil & Gas Index. The city's benchmark Hang Seng Index has gained 20 percent. CNOOC fell 0.2 percent to HK$11.06 before today's production report.
Panyu Delays
Production in 2007 was little changed from the previous year partly because of delays to the start-up of the Panyu oil field in the eastern part of the South China Sea.
CNOOC targets production of between 195 million and 199 million barrels of oil equivalent this year, compared with last year's output of between 169 million and 171 million barrels, the Beijing-based company said in a statement today.
Economic growth that reached 11.4 percent last year has forced China's oil companies to scour the planet and drill deeper to meet the nation's energy needs. Planned capital spending may jump 44 percent this year to $5.24 billion as CNOOC brings 10 new projects on line and seeks new fields.
``2008 is a new exciting year with rapid growth in production,'' CNOOC Chairman Fu Chengyu said in the statement. ``The quality and quantity of our assets will be further optimized, bringing better return for the shareholders.''
CNOOC has jumped 65 percent in Hong Kong trading in the past year, ranking the stock fifth among the 59 members of the Bloomberg World Oil & Gas Index. The city's benchmark Hang Seng Index has gained 20 percent. CNOOC fell 0.2 percent to HK$11.06 before today's production report.
Panyu Delays
Production in 2007 was little changed from the previous year partly because of delays to the start-up of the Panyu oil field in the eastern part of the South China Sea.
The company plans to spend $1.04 billion on oil and gas exploration in 2008, CNOOC said in the statement. The state- controlled explorer aims to replace the oil and gas reserves it depletes at a rate of 100 percent this year.
CNOOC set its 2008 budgets based on a projected benchmark New York oil price of $70 a barrel. Crude oil surged 57 percent last year to average $74.09 a barrel.
The oil explorer plans to more than double production at the Bohai Bay field to more than 27 million metric tons, or about 542,000 barrels a day, in five to six years as new fields come on stream, CNOOC Vice President Chen Bi said Oct. 12.
Production from Bohai Bay in northeastern China reached the equivalent of 269,126 barrels a day in 2006, 39 percent of CNOOC's total, Chen said. The field has net proven reserves equivalent to 1.1 billion barrels, which is 60 percent of CNOOC's total, he said.
CNOOC restored production at the Liuhua field in the South China Sea in June, more than a year after a typhoon shut it down, the oil explorer said in August. The field produces 23,000 barrels a day.
Talisman Energy Inc. bought a stake in Indonesia's Tangguh liquefied natural gas project from CNOOC Ltd. for $212.5 million, settling a lawsuit over a stake in the $6.9 billion project. Talisman, a Calgary-based company with a fifth of its reserves in the North Sea, bought a 3.06 percent interest in the BP Plc- led project, CNOOC said yesterday.
The Tangguh LNG project in West Papua province has the capacity to produce 7.6 million tons of the fuel a year, CNOOC said.
CNOOC set its 2008 budgets based on a projected benchmark New York oil price of $70 a barrel. Crude oil surged 57 percent last year to average $74.09 a barrel.
The oil explorer plans to more than double production at the Bohai Bay field to more than 27 million metric tons, or about 542,000 barrels a day, in five to six years as new fields come on stream, CNOOC Vice President Chen Bi said Oct. 12.
Production from Bohai Bay in northeastern China reached the equivalent of 269,126 barrels a day in 2006, 39 percent of CNOOC's total, Chen said. The field has net proven reserves equivalent to 1.1 billion barrels, which is 60 percent of CNOOC's total, he said.
CNOOC restored production at the Liuhua field in the South China Sea in June, more than a year after a typhoon shut it down, the oil explorer said in August. The field produces 23,000 barrels a day.
Talisman Energy Inc. bought a stake in Indonesia's Tangguh liquefied natural gas project from CNOOC Ltd. for $212.5 million, settling a lawsuit over a stake in the $6.9 billion project. Talisman, a Calgary-based company with a fifth of its reserves in the North Sea, bought a 3.06 percent interest in the BP Plc- led project, CNOOC said yesterday.
The Tangguh LNG project in West Papua province has the capacity to produce 7.6 million tons of the fuel a year, CNOOC said.
Source: Bloomberg |by Ying Lou
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