CNOOC eyes up to 2 pct output increase in 2013

HONG KONG Wed Jan 30, 2013 3:36am EST

HONG KONG Jan 30 (Reuters) - Top Chinese offshore oil and gas producer CNOOC Ltd said on Wednesday it plans to produce up to 2 percent more of the fuels in 2013 as it earmarks $12 billion-$14 billion as capital expenditure for exploration, development and production.

The state-run company aims to produce 338 million-348 million barrels of oil equivalent (boe) this year, compared with estimated output of 341-343 million boe in 2012, it said in a statement. The 2012 output estimates were roughly in line with the company's target of 335-345 million boe.

CNOOC's output has been hurt by the suspension of its Penglai 19-3 oilfield in eastern China's Bohai bay since September 2011, when it was hit by an oil spill. CNOOC is still seeking regulatory approvals to restart production.

U.S. oil firm ConocoPhillips owns a 49 percent stake in the 168,000 barrel-per-day oilfield and acts as operator, while CNOOC Ltd has a 51 percent stake.

Shares of CNOOC, which is acquiring Canadian energy company Nexen Inc for $15.1 billion in China's largest ever overseas takeover, ended up 1.9 percent on Wednesday ahead of the announcement.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.