French Oil and Gas

China’s CNOOC to double proven reserves, exploration projects by 2025

China's CNOOC to double proven reserves

China’s CNOOC Group said it aims to double its exploration projects and proven oil and gas reserves in seven years, the company said on Friday via its official Wechat account.

The announcement was a direct response to President Xi Jinping’s call to improve the country’s national security by boosting domestic production and reserves, CNOOC said in the post.

The offshore producer is expected to make a record investment to boost exploration projects and reach its target, according to CNOOC’s chairman Yang Hua.

The company is due to release details of its production target and capital expenditure at the strategic outlook meeting on Jan. 23.

“We faced adverse geological conditions as offshore oil and gas fields age. More exploration projects are being moved to deep water area, but these are both risky and costly,” said Xie Yuhong, head geologist, CNOOC, adding that the volatility in global oil prices added pressure on CNOOC to rein in expenses.

The oil and gas explorer reported 2.613 billion barrels of oil equivalent in net total reserves by 2017-end, the best level seen since 2008.

 

Source: reuters

Related posts

Accord entre la NOC et Total sur la participation du Groupe dans les concessions de Waha en Libye

Meissa Cheikh

LE GÉANT DU PÉTROLE SAUDI ARAMCO FAIT DES DÉBUTS FRACASSANTS EN BOURSE

Meissa Cheikh

Marché automobile : Cevital et le groupe Elsecom indemnisés

Meissa Cheikh

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More