Chinese Online Class - China's crude oil output in coastal waters can increase 19%

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China's crude oil output in coastal waters can increase 19%

www.chinanews.cn 2005-02-16 13:27:24

Chinanews, Feb. 15 - China National Offshore Oil Corporation (CNOOC)
revealed a few days ago that its planned net output from Chinese coastal
waters should reach 141 million to 146 million barrels of oil in 2005, an
increase of 19% over last year's output of 118 million to 123 million
barrels.
2005 is regarded by many as the key year for CNOOC to increase its oil
output. Over the next two years CNOOC's 16 development projects will be
put into operation. In particular, 9 new oil fields will commence
operation in 2005, which will set a record for increases in planned
projects in one year. In addition, CNOOC's exploration budget will
continue to hold at the level of 260 million US dollars. Its near-shore
exploration will mainly focus on the reserve prospects of new fields and
deep water blocks, while the substitution rate of reserves is expected to
reach 150% this year.
CNOOC currently carries out its extraction, development and production in
four areas of China's coastal waters, including the Bohai Sea Gulf, the
Western and Eastern South China Seas, and the East China Sea.

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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