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Ten new fields offshore China – CNOOC

01st February 2013

CNOOC plans to launch ten new fields offshore China, twenty four new projects, spur deepwater exploration and allocate USD 12-14bn in E&P capital expenditure

Ten new fields offshore China – CNOOC
An expected capital expenditure of USD 12-14bn will help CNOOC further its exploration and production plans

CNOOC plans to have ten new oil and gas fields in offshore China come on stream this year, the Chinese oil major announced on Wednesday, as part of its business strategy and development plan for 2013.

Among these, the Liwan 3-1 gas field will be the first large-size deepwater gas field in offshore China. In addition, the Suizhong 36-1 will be subject to a phase II adjustment by CNOOC, as part of a plan to enhance producing fields.

“With twenty-four new projects under construction, the year of 2013 is expected to be a new peak of engineering and construction. The company is confident it will achieve its production growth target of 2011-2015,” the state-owned energy company said in an announcement.

In 2013, CNOOC plans to drill approximately 140 exploration wells and acquire approximately 15,400 kilometres of 2D seismic data as well as approximately 24,800 square kilometres 3D seismic data.

The firm aims to achieve a reserve replacement ratio (RRR) of over 100 per cent this year and will continue to strengthen deepwater exploration.

An expected capital expenditure of USD 12-14bn will help CNOOC further its exploration and production plans. The company has targeted a net production in 2013 of 338-348 million barrels of oil equivalent (boe), assuming that the price of WTI crude remains at USD 90.