CNOOC spells out 2014 agenda

Jan. 21, 2014 at 7:49 AM
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BEIJING, Jan. 21 (UPI) -- China National Offshore Oil Corp. said it plans to drill more than 150 exploration wells this year and produce more than 422 million barrels of oil equivalent.

CNOOC, a state-owned company and the third-largest oil company in China, said it plans to drill 155 exploration wells and survey thousands of square miles of land to determine the reserve potential this year.

In a statement Monday, the company said its net production for 2014 should eclipse 422 million barrels of oil equivalent. That includes production in Canada through its 2013 acquisition of energy company Nexen. Counting Nexen's contribution, CNOOC said it produced an estimated 412 million barrels of oil equivalent last year.

Off the Chinese coast, the company said it would strengthen its deepwater exploration activity in 2014. The company said it expects to produce a combined 73,000 barrels of oil equivalent per day from its Kenli and Qinhuangdao oil fields in Bohai Bay.

Overseas, CNOOC said the first production of oil should come from its Golden Eagle development in the British waters of the North Sea. That field should reach a peak daily production rate of 70,000 barrels of oil equivalent after it comes on stream in late 2014.

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