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CNOOC' crude oil output expected up 19%

www.chinanews.cn 2005-02-04 14:12:27

Chinanews, Feb 3 - China National Offshore Oil Corp (CNOOC) disclosed
today that it would successively commence sixteen oil and gas
exploitation projects between 2005 and 2006. In particular, nine new oil
fields will be put into production this year, and the company's annual
crude oil output is estimated to increase by 19%.
According to Fu Yucheng, president and chief executive officer of CNOOC,
the company would invest 2.2 billion US dollars in exploitation in 2005,
up 33% from last year. In addition, with an exploration budget of around
260 million US dollars, CNOOC will mainly focus on the prospect of its
reserves in new costal waters and deep oceans.
Reportedly, the company set its net output target in costal waters at the
equivalent of 141 to 146 million barrels in 2005. Compared to an output
of 118 to 123 million barrels in 2004, the company should see a 19% rise
this year.
Yang Hua, chief financial officer and senior vice president of CNOOC,
said that the company's total production cost was still below that of its
competitors. He expressed that CNOOC would continue to maintain its
competitive cost structure while striving to alleviate the cost pressure
from factors beyond its control.

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

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