By January 19, 2017 Read More →

CNOOC cuts oil output target for 2017, to raise capex


In 2017, CNOOC will being production at the Hangingstone project in the Alberta oilsands. Japan Canada Oilsands Ltd. photo.

CNOOC taking cautious approach to upstream investments

BEIJING, Jan 19 (Reuters) – China’s state-controlled offshore oil producer CNOOC now expects to produce 450 million to 460 million barrels of oil equivalent in 2017, lower than it previous target of about 484 million barrels for the year, the company said in a statement on its website.

The revision came as CNOOC predicted oil production will drop for the five years between 2015 and 2019, reflecting its cautious approach to upstream investments in view of tepid oil prices.

Nevertheless, regarding capital expenditure the company said it expected to spend 60 to 70 billion yuan in 2017 compared with an estimated 50.3 billion yuan in 2016.

The increase reflected expectations of higher oil prices in 2017, a company executive said during a media briefing, adding that CNOOC will give priority to domestic investment.

CNOOC expects to begin production at five new oil and gas projects in 2017, including the BD gas field in Indonesia and Canada’s Hangingstone project.

(Reporting by Meng Meng; Editing by Greg Mahlich)

energy transition

Ph: 432-978-5096 Website:

Posted in: News

Comments are closed.