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(From Asia Pulse)
(Full text of statement. Contact details below.)
HONG KONG, Jan. 15 /XFNHK-AsiaNet/ --
CNOOC Limited (NYSE: CEO ; SEHK: 883) ("CNOOC" and the "Company") today announced its business strategy and development plan for year 2004.
CNOOC's target net production volume offshore China in 2004 is approximately 118-123 million BOE (barrels of oil equivalent) vs. an estimated 108 million BOE in 2003. Its Indonesian unit is expected to report a net entitlement volume of approximately 22 million BOE (at WTI US$23.7/bbl). The unit's reported volume changes in a reverse direction by approximately 500,000 BOE for every dollar change in oil prices due to Indonesia PSC structure.
CNOOC is committed to long-term production growth albeit problems at two of the offshore China fields, QHD 32-6 in Bohai Bay and PY5-1/4-2 in Eastern South China …