China National Offshore Oil Corp. (CNOOC) (00883.HK), the nation’s largest offshore oil producer, aims to produce 422 million to 435 million barrels of oil equivalent (boe) of net crude oil and natural gas in 2014, up 2 to 5 percent from an estimated 412 million boe last year, the company said in a press briefing in Hong Kong on Monday.
Contributions from Canadian oil producer Nexen are expected to increase to 69 million boe this year, up 13 percent from 61 million boe in 2013.
The company will maintain its oil production at an annual compound growth rate of 6 to 10 percent between 2011 and 2015.
It plans an annual capital expenditure of 105 billion yuan (US$17.2 billion) to 120 billion yuan this year, of which over 80 percent will be used in drilling 155 exploration wells.
“We will utilize capital more prudently through the capex plan to support the development of the company in the future amid rising costs in the industry,” chief financial officer Zhong Hua said.
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