CNOOC plans output increase
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Shanghai Daily, January 19, 2012
CNOOC Ltd, China's dominant offshore oil and gas producer, aims to increase output by up to 2.7 percent in 2012 after meeting a revised production target last year.
It plans to produce between 330 million and 340 million barrels of oil equivalent this year, compared with an estimated output of 331 million to 332 million barrels last year, CNOOC said yesterday.
The company earlier cut its 2011 production target to 331-341 million barrels from 355-365 million barrels after oil spills in the Penglai 19-3 field in China's Bohai Bay disrupted production as well as delays in completing an acquisition in Argentina.
China in September ordered the closure of the oilfield, in which CNOOC owns 51 percent, after its operator, ConocoPhillips of the United States, failed to contain leaks that started in June.
Li Fanrong, chief executive of CNOOC, said in Hong Kong that he believed production at the field will resume this year but did not give a timetable.
CNOOC will start new projects and acquire more assets to help meet the output target this year.
It said four new projects in the South China Sea may come on stream this year, and added that the Long Lake oil sands project in Canada and the Missan oil field in Iraq are also expected to contribute to production.
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