CNOOC Sees Higher Production Going Ahead - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced Thursday its business strategy and development plan for the year 2018.

The company said its net production target for 2018 is 470 million to 480 million barrels of oil equivalent or BOE, of which, production from China and overseas accounts for approximately 64% and 36%, respectively.

The company's net production for 2017 is expected to be approximately 469 million BOE. The company's net production for 2019 and 2020 are estimated to be approximately 485 million BOE and 500 million BOE, respectively.

In 2018, five new projects are expected to come on stream. CNOOC said it will continue to promote the progress of its major overseas projects.

In 2018, the Company plans to drill 132 exploration wells and acquire approximately 19 thousand square kilometers 3-Dimensional seismic data.

Xie Weizhi, CFO of the Company, said, "The Company will maintain prudent financial policy and investment decision-making. We will continue to reinforce quality and efficiency enhancements to continuously improve the Company's core competitiveness."