CNOOC cut its 2016 production target and cut capit

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CNOOC lowered its 2016 production target and cut capital expenditure. China National Offshore Oil Corporation (CNOOC) announced its 2016 business strategy and development plan in Hong Kong on the 19th. Zhong Hua, chief financial officer of CNOOC, said that the net output in 2015 is expected to be about 495 million, realizing the comprehensive utilization of renewable resources, the clean consumption and recycling of barrels of oil equivalent. The net production target for 2016 is 470 to 485 million barrels of oil equivalent, while the net production targets for 2017 and 2018 are about 484 and 502 million barrels of oil equivalent, respectively

According to Zhong Hua, there are nearly 20 projects under construction. During the year, four new projects are planned to be put into operation, namely Kenli, Panyu, Weizhou/oilfield comprehensive adjustment and Enping. It is planned to drill 115 exploration wells to collect about 10000 kilometers of two-dimensional seismic data and 14000 square kilometers of three-dimensional seismic testing machine. The distinction between types and types of low-carbon steel and cast iron compression test data also confused the consumer group by 10 points, about 14000 square kilometers

Zhong Hua said that CNOOC's total capital expenditure in 2016 will be less than 60billion yuan, of which exploration, development and production capitalized expenditure account for about 19%, 64% and 13% respectively. It will improve efficiency by controlling costs to ensure that the annual goals will be achieved in the case of declining capital expenditure

The test result is 94

Zhong Hua stressed that in order to cope with the continuous impact of low oil prices, we will maintain prudent financial policies, continue to strengthen cost control measures, and achieve the steady development of exploration, development, production and other businesses

Li Fanrong, CEO of CNOOC, said that 2016 will face a more complex business situation, and will make full use of the market mechanism, combine technological innovation and management innovation, continue to reduce costs and increase efficiency, and reasonably balance short-term benefits and long-term development, so as to promote the steady and healthy development of the company

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