The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd , aims to double its oil and gas production by 2020 and triple it by 2030 against the level in 2010, Chairman Wang Yilin said.
CNOOC's oil and gas production from domestic fields in 2010 topped 50 million tonnes of oil equivalent. The company did not give overseas output figures for 2010.
In 2011, CNOOC produced 46.61 million tonnes of crude oil and 16.7 billion cubic metres of natural gas, Wang said at a company event late on Wednesday.
The oil and gas reserve replacement ratio last year exceeded 100 percent, laying a solid foundation for sustainable growth, he said.
The company plans to invest $17 billion this year, Wang said.
CNOOC aims to maintain steady growth of oil and gas production this year and to make break-through progress in deep-water oil and gas exploration, he added.
It also plans to speed up construction of liquefied natural gas terminals and explore unconventional resources including coal bed methane, shale gas, and shale oil, Wang said.
CNOOC's largest domestic oilfield, Penglai 19-3 in the northern Bohai Bay, was shut down in September following an oil spill. Company officials have said there is no timetable for resuming production at the oilfield but believe it will resume production within this year.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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