CHINA: CNOOC targets net production of 365 million barrels of oil equivalent in 2011

摘要

Hong Kong-based oil and natural gas group China National Offshore Oil Corporation Ltd (CNOOC) said it is planning to invest US$8.77 billion to achieve net production of 355 to 365 million barrels of oil equivalent (BOE) in 2011.Assuming WTI crude at US$82 a barrel, the largely Chinese state-owned firm said its 2011 capital expenditure includes US$1.56 billion for exploration, US$5.05 billion for development, and US$2.02 billion for production activities.