State-owned energy giant is forecast to double oil and gas production by 2020 and triple it by 2030.
China National Offshore Oil Corp (CNOOC parent of CNOOC Ltd, reached oil and gas production of nearly 65 million tons of oil equivalent in 2010, a figure it hopes to at least double within the decade.
In 2011, the company's crude oil production had reached 46.61 million tonnes, with natural gas increasing to 16.7 billion, according to company chairman Wang Yilin. Wang also claims that an excellent oil and gas reserve replacement ratio of over 100% has laid solid foundations for sustainable growth this year.
CNOOC is planning capital investments of around $17 billion in 2012, which will mainly be used to maintain steady production growth in oil and gas as well as make technological breakthroughs in deepwater oil and gas exploration. Some of the remainder will be spent speeding construction of liquefied natural gas (LNG) terminals and exploring alternative energy sources.
Although year-on-year production looks positive, sales failed to grow as much as previously anticipated. Growth slowed from a heady 78% in 2010 to only 35% in 2011 as a result of several oil spills and failed overseas acquisitions.