CNOOC Unveils 2002 Development Strategy

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Last updated at: (Beijing Time) Friday, January 18, 2002

CNOOC Unveils 2002 Development Strategy

China's offshore oil giant CNOOC announced here Friday it is targeting a net production volume of 125 to 130 million BOE (barrels of oil equivalent) for the year 2002.

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China's offshore oil giant CNOOC announced here Friday it is targeting a net production volume of 125 to 130 million BOE (barrels of oil equivalent) for the year 2002.

This volume growth will continue to be achieved primarily through the development of the company's proved undeveloped reserves offshore China, and three major development projects will be on stream in 2002, said CNOOC Chairman Wei Liucheng while announcing the company's development play for 2002.

CNOOC will continue to focus its core business of natural gas, while pursuing its strategy in natural gas exploration and production, LNG projects and other selected natural gas investment, said Wei.

CNOOC's total capital expenditure in 2002 amounts to 1,500 to 1,650 million U.S. dollars. In addition to 585 million dollars' acquisition expenditure, capital expenditures are expected to total 900 to 1,050 million dollars offshore China in 2002, according to Wei.

The company will spend 650 to 720 million U.S. dollars for development projects and 180 to 220 million U.S. dollars for independent exploration offshore China. Foreign PSC partners are expected to invest an additional 300 million U.S. dollars in exploration offshore China, Wei said.

Incorporated in Hong Kong in August 1999, CNOOC Ltd. is the dominant producer of crude oil and natural gas offshore China. It is also one of the largest independent crude oil and gas exploration and production companies in the world.

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