CNOOC Ltd has set a conservative target of a 2.1 percent increase in oil and gas output for this year, but also promised a big jump in capital expenditure, signaling the next production wave is on its way.
It aims to produce 338-348 million barrels of oil equivalent in 2013, compared with an estimated 2012 output of 341-343 million barrels, the company said yesterday. The 2012 estimates were in line with its target of 335-345 million barrels.
"While disappointing, CNOOC has a tendency to under-promise and over-deliver and we expect this year to be no different," Sanford C. Bernstein & Co analysts wrote in a note.
CNOOC CEO Li Fanrong said the company is still confident of achieving the 6-10 percent compound annual growth rate on production from 2011 to 2015, adding it will strengthen exploration and development this year to facilitate future growth.
CNOOC expects 10 new oil and gas fields to come on stream offshore China this year.
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