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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (4312)2/2/2005 1:23:36 PM
From: RealMuLan  Read Replies (1) of 6370
 
CNOOC targets 19 percent offshore China production growth in 2005
www.chinaview.cn 2005-02-02 23:33:15

HONG KONG, Feb. 2 (Xinhuanet) -- China National Offshore Oil Corporation (CNOOC) Limited said Wednesday that its budget net oilproduction volume offshore China in 2005 is about 141 to 146 million barrel of oil equivalent (BOE), a 19 percent increase overthe budget of 118 to 123 million BOE in 2004.

CNOOC said its Indonesian unit is expected to report a net entitlement volume of about 19 million BOE.

CNOOC said at a televised press conference that the year 2005 will be a significant year in its production growth. Sixteen development projects are expected to come on stream between 2005 and 2006, of which nine are expected to be completed in 2005.

The company's 2005 capital budget supports the growth as the development capital expenditure is budgeted at about 2.2 billion US dollars, a 33 percent increase. The exploration budget is expected to remain at the level of 260 million US dollars.

CEO of the company Yang Hua said at the press conference that "we will continue to maintain our competitive cost structure and take all necessary measures to ease the upward pressure."

The company will further implement its natural gas strategy andbe the leading gas supplier in China's coastal areas. Enditem

news.xinhuanet.com
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