China’s CNOOC to increase oil production in 2009

21 January 2009 08:46  [Source: ICIS news]

SHANGHAI (ICIS news)--China National Offshore Oil Corporation Ltd (CNOOC) plans to increase its oil production by about 17% to 225-231m barrels in 2009, with its capital expenditure expected to rise 19%, the company said in a filing to the Hong Kong Stock Exchange late on Tuesday.

In its summary of business strategy and development plan, CNOOC said its total capital expenditure would touch US$6.76bn (€5.2bn) as 10 new projects will come on stream during the year.

The projects include  major projects in offshore China such as Ledong 22-1/15-1 and Bozhong 28-2S.

CNOOC, which is China's top offshore oil and gas producer listed in Hong Kong, intended to enhance its exploration activities, with over 20 development projects expected to be under construction.

Its capital expenditures for exploration, development and production are estimated to reach US$1.11bn, US$4.38bn, and US$1.12bn, respectively.

The company expects these capital expenditures to strongly support its production and reserves growth in future.

($1=€0.77)

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By: Judith Wang
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