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CNOOC Announces FY20 Production Targets - Quick Facts

CNOOC Limited (CEO, CNU.TO) announced, for the year 2020, the company's targeted net production is 520 million to 530 million barrels of oil equivalent. Total capital expenditure is budgeted at RMB 85 billion to RMB 95 billion. In 2020, the company plans to drill 227 exploration wells. Ten new projects are anticipated to come on stream in the fiscal year.

Xu Keqiang, CEO, said, "In 2020, the company will steadily increase its oil and gas reserves and production, pursue profitable reserves and production, lay a solid foundation for high-quality development through technology innovations and management enhancement, and create excellent returns for our shareholders."

For 2021 and 2022, net production are estimated to be around 555 million barrels of oil equivalent and 590 million barrels of oil equivalent, respectively.

For 2019, the company's net production is expected to be approximately 503 million barrels of oil equivalent.

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