CNOOC Ltd sees net production rise 8.9%

The offshore oil and gas processing plant Haiyang Shiyou 122 is under construction in Qingdao, Shandong province. [Photo/Xinhua]

Chinese oil and gas producer CNOOC Ltd achieved an 8.9 percent increase in total net production during the first half of this year, reaching an all-time high in net daily production across its domestic and international assets, the company said on Thursday.

The production efficiency reached the best level in the same period in history during the first half of the year, it said. The company vows to continue pursuing high-quality development, increasing efforts in oil and gas exploration and development, and improving quality and efficiency of the operations, it said.

CNOOC Ltd is the exploration and production arm of China National Offshore Oil Corp, the country's top offshore oil and gas driller and one of the largest independent oil and gas exploration and production companies in the world.

Major projects such as the Buzios-5 project, brought online in Brazil's pre-salt basin earlier this year, of which CNOOC Ltd is a partner, contributed substantially to the increase. The Buzios-5 oilfield in Brazil contributes a peak production of over 200,000 BOE per day, laying a solid foundation for the future production growth, it said.

Solid progress was also made overseas, including the exploration of the Stabroek block in Guyana, said CNOOC Ltd.

"The company made new records in oil and gas reserves and production volume during the first six months this year while delivering better-than-expected operating results," said Wang Dongjin, chairman of CNOOC.

The company will further step up oil and gas production throughout the year while promoting technological innovation to meet the annual production and operational goals, he said.

The company has set a production target of a record 650 million to 660 million BOE in 2023, as part of its medium-term goal of a 6 percent increase in average annual production by 2025.

----The news is quoted from China Daily By Zheng Xin (www.chinadaily.com.cn)

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