What Does CNOOC's 2020 Capex & Production Guidance Tell Us?
Zacks Investment Research | Jan 13, 2020 09:51PM ET
CNOOC Limited (NYSE:CEO) provided capital expenditure and operational plans for 2020.
For the current year, the company projects net production in the range of 520-530 million barrels of oil equivalent (BOE), indicating growth from 2019’s estimated output of 503 million BOE.
CNOOC had earlier envisioned its 2019 output in the range of 480-490 million BOE. Of this year’s total production, about 64% will be drawn from China and 36% overseas. Estimated net production for 2021 and 2022 stands at 555 million BOE and 590 million BOE, respectively.
In 2020, 10 new projects are likely to be commissioned, of which the Liza oil field phase 1 in Guyana initiated production ahead of time. The other nine projects, namely Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oil filed S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project and Liuhua 16-2 oil field/20-2 oil field joint development project in offshore China plus Buzzard oil field phase II in the UK will begin production on schedule.
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