Chinese state-controlled offshore producer CNOOC has scaled back its output projections for this year, making its 1mn b/d of oil equivalent (boe/d) target elusive. CNOOC only aims to grow net production by 1pc against last year to 904,000-931,500 boe/d in the wake of a series of output disruptions that cast a cloud over its 2011 operations. But the firm still plans to spend heavily this year, with capital expenditure possibly rising by as much as 60pc from 2011 to up to $11bn (WPA, 20 January, p10).
展开▼
