CNOOC reports record high for 2020

CNOOC Limited said on Thursday its net production hit a record high of around 528 million barrels of oil equivalent in 2020, despite the impact of low oil prices and the COVID-19 pandemic.

The company has vowed to continue strengthening its resource base this year with targeted net production of 545-555 million BOE, of which production from China will account for approximately 68 percent and that from abroad accounting for 32 percent. It also plans to drill 217 exploration wells. 19 new projects are expected to come on stream, including the Lingshui 17-2 gas fields in China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil.

The company's total capital expenditure for 2021 is budgeted at 90 billion yuan ($13.9 billion) to 100 billion yuan. The capital expenditures for exploration, development and production will account for approximately 17 percent, 61 percent and 20 percent of the total capital expenditure respectively, it said.

"In 2021, under the theme of high-quality development, the company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing the concept of green and low-carbon development, to create excellent returns for our shareholders," said Xu Keqiang, CEO of the company.

The company's net production for 2022 and 2023 are estimated to be 590-600 million BOE and 640-650 million BOE, respectively.