CNOOC to boost oil output to 290m barrels in 2010

BEIJING: China National Offshore Oil Company Limited (CNOOC) announced Tuesday that its targeted net production volume this year is between 275 million and 290 million barrels of oil equivalent (BOE).

In its 2010 business strategy and development plan released on its website Tuesday, the firm said the production goal was set given a West Texas Intermediate (WTI) oil price of $75 per barrel in 2010.

Nine new projects were expected to put into production this year. They were all located in offshore China and were expected to boost the company's production growth, the plan said.

In order to maintain a sustainable production growth, Beijing-based CNOOC would step up its exploration efforts this year. Capital expenditure in 2010 was forecast to rise about 29.5 percent from 2009 to $7.93 billion, according to the statement.

CNOOC is the listed subsidiary of China National Offshore Oil Corporation, the country's largest offshore oil giant.

The share price of the firm gained 1.08 percent to HK$11.26 ($1.45) Tuesday.

Source: China Daily