Forecast - Production | Offshore | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2017
CNOOC IDs 2017 Capex of ~$9.5 Billion; 126 Wells Planned
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CNOOC announced its business strategy and development plan for the year 2017.
Key Points: Drill 126 exploration wells in 2017 (up slightly from 115 in 2016) The Company's total capital expenditure for 2017 will be in the range of RMB60.0 to RMB70.0 billion (in USD $8.73-10.18 billion - comparable to its 2016 budget of $9.0 billion) Capital expenditures for exploration, development and production will account for around 18%, 66% and 15% respectively. Production target of 450-460 MMBOEThe Company's net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent (BOE), of which approximately 64% and 36% are produced in China and overseas, respectively. The net production targets set for 2018 and 2019 are 455 million to 465 million BOE and 460 million…
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