CNOOC Limited Announces its 2017 Business Strategy and Development Plan

CNOOC Limited Announces its 2017 Business Strategy and Development Plan

cnooc In 2017, the Company plans to drill 126 exploration wells and acquire approximately 13 thousand square kilometers of 3-Dimensional (3D) seismic data. The Company’s total capital expenditure for 2017 will be in the range of RMB60.0 to RMB70.0 billion. Of that amount, the capital expenditures for exploration, development and production will account for around 18%, 66% and 15% respectively. The Company will maintain prudent fiscal management and enhance capital efficiency to facilitate sustainable development. Mr. Yuan Guangyu, President of the Company, said:

“We will maintain prudent financial policy and improve capital efficiency in response to the continued challenge posed by low oil prices. Also, we will optimize the Company’s asset portfolio and focus on return to make steady progress in all businesses.”
Mr. Yang Hua, Chairman and CEO of the Company, commented:
“In 2017, we will balance both short-term and mid to long-term development, pursue quality growth, increase profitability-oriented production volume in order to bring better return for our investors.”
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