CNOOC Reports Its 2014 Production Target - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced its net production target of 2014 is in the range of 422 million to 435 million barrels of oil equivalent (BOE), including approximately 69 million BOE as a result of the acquisition of Nexen Inc. During 2014, CNOOC expects 7 to 10 new projects to come on stream. The company expects to incur a total capital expenditure of RMB 105 billion to RMB 120 billion in 2014.

The company said its net production for 2013 is estimated to be around 412 million BOE, including 61 million BOE of production as a result of the acquisition of Nexen.

Li Fanrong, CEO of the company said, "We maintain our production target of 6%-10% CAGR from 2011-2015. To accomplish this during 2014, we will stick with the company's strategic goals and strengthen exploration and development activities in order to create excellent returns for our shareholders."