JPT CNOOC's Strategic Plan Sets "Bullish Tone" for Chinese NOCs

Matt Zborowski, Technology Writer 

A bulk of near-term output will come domestically, but the subsidiary of state-owned China National Offshore Oil Corporation is leaning on its international projects to boost production longer-term. The company said it expects to produce 1.33 million BOE/D in 2019, an increase of 2% from its 2018 average, with domestic output accounting for 67% of this year’s production. The ExxonMobil-operated Guyana consortium has tallied 10 discoveries to date. CNOOC expects six new projects to come on stream this year. The four other projects are the Shell-operated Appomattox project in the US gulf and CNOOC’s Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project, and Wenchang 13-2 comprehensive adjustment project off China.

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