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home / news releases / BOE - CNOOC unveils net production expectation for next three years

BOE - CNOOC unveils net production expectation for next three years

Blackrock Enhanced Global Dividend Trust of Beneficial Interest
CNOOC Limited (CEO) reports net production hit a record high of ~528M barrels of oil equivalent (BOE) in 2020. The company intends to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data.19 new projects wins are anticipated, which mainly include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil. Capital expenditure for 2021 is expected to be RMB90B-RMB100B and net production for 2021 is estimated to be 545M-555M BOE, 2022 to be 590M-600M BOE and 2023 to be 640M-650M BOE. Mr. Xu Keqiang, CEO of the Company, said, "In 2021, under the theme of high-quality development, the Company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing

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CNOOC unveils net production expectation for next three years
Stock Information
Company Name: Blackrock Enhanced Global Dividend Trust of Beneficial Interest
Stock Symbol: BOE
Market: NYSE
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