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Petronas Halts all Imports of Iranian Crude in South Africa

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CNOOC Limited Announces Business and Development Strategy for 2012

On Jan. 18, 2012 CNOOC Limited, China’s largest oil company, announced a summary of their development plans and strategy for 2012.

CNOOC Ltd produced an estimated 331 – 332 million barrels of oil equivalent (BOE) in 2011, and plan to produce 330 – 340 million BOE in 2012.

Four new projects are expected to come online along offshore China this year. One of which, the Panyu 4-2/5-1, is expected to reach production levels of 57 thousand barrels per day by 2014. Similar projects waiting to come on stream in the next few years along the coast of China will become an important driver of the company’s future growth. Currently, there are 16 projects under construction, laying a solid foundation for mid to long term development.

Exploration continues to expand in new areas and on new frontiers, such as independent deepwater exploration. So far there are 114 exploration wells including 3 independent deepwater wells in South China Sea are expected to be drilled. Also waiting to be acquired is 18,300 kilometers 2-Dimensional (2D) seismic data and 19,200 square kilometers 3-Dimensional (3D) seismic data. The company's reserve replacement ratio (RRR) is targeted to exceed 100% in 2012.

In order to support its sustainable growth as well as to accelerate the exploration and development of deepwater wells and unconventional energy, the Company's total capital expenditure is expected to reach $9.3 – 11.0 billion.

Mr. Zhong Hua, CFO of the Company said that, "In the coming year, the Company will strive to ensure that the capital expenditure plan is effectively implemented in order to support the Company's future production and reserve growth. Meanwhile, the Company will continue to maintain its relative cost advantage under the rising industry cost environment."

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