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Strategy is this?

Where is the RNS about the oil flow at Calao??

billion) Lingshui 17-2 development is in full swing, with first gas scheduled in 2020 and output increasing to 3.5 Bcm per annum at peak.

CNOOC Ltd already produces 6 million cubic metres per day of gas from shallow waters in the South China Sea and aims to boost output by another 9 MMcmd from the western area covering the Yinggehai and Qiongdongnan basins.

Start-up
The company is currently developing two projects in the Pearl River Mouth basin — the Liuhua 29-1 gas field and the Liuhua 16-2 oil complex.

The two fields are scheduled to start production from July 2020 to March 2021.

At the Liuhua 29-1 deep-water field, CNOOC Ltd and operator Husky Energy of Canada will drill seven subsea wells at water depths between 520 and 1150 metres. First gas at the field is expected at the end of 2020.

At Bohai Bay, CNOOC Ltd is putting the giant Bozhong 19-6 gas play, a 2017 discovery, under trial development.

Located 145 kilometres north-west of Tianjin in water depths of 22 metres, the field will be developed with a wellhead platform and an export pipeline to the existing Bozhong 19-4B platform.

Another line will link the platform with the existing Bozhong 13-1 field.

Gas will be sent to an onshore terminal for processing and condensate will be moved to the Hai Yang Shi You 13-1 floating production, storage and offloading vessel.

Bozhong 19-6 is believed to hold 100 Bcm of probable and possible gas reserves.

Based on the latest development schedule, CNOOC Ltd has revised upwards its oil and gas production target by 2020, expressing confidence in healthy production from domestic and overseas fields.

Projects in development will help the company boost net production to between 515 million and 535 million barrels of oil equivalent in 2020, rising to between 535 million and 545 million boe by 2021, higher than the 500 million boe for 2020 the company envisaged two years ago.

Production in 2019 is targeted to reach 480 million to 490 million boe, up from an earlier anticipated 475 million boe.

Of the total, 63% will come from domestic fields, up from the 58% CNOOC Ltd expected two years ago.

The company plans to bring six oil and gas fields on line this year, of which the Shell-operated Appomattox project in the US Gulf of Mexico, where subsidiary CNOOC International holds a 21% stake, is perhaps most prominent.

CNOOC Ltd will invest between 14 billion and 16 billion yuan (between $2 billion and $2.3 billion) this year in exploration, slightly higher than last year’s $2 billion.

More than 75% of the sum is scheduled for domestic activities, including 173 conventional exploration wells, 73 unconventional wells and the acquisition of 28,000 square kilometres of 3D seismic data.

Last year, CNOOC Ltd’s domestic output increased almost 3% year-on-year to 845,000 barrels of oil equivalent per day following the ramp-up of the Dongfang and Panyu gas fields and the start-up of several oilfields.

CNOOC Ltd, the exploration and production division of China National Offshore Oil Corporation, is poised to double its proven oil and gas reserves within seven years — a target that will require the company to make massive discoveries similar to its Lingshui gas find in the South China Sea, with proven reserves of more than 100 billion cubic metres.

To achieve this, the company will have to take on riskier and more expensive exploration work, going into deeper waters farther from shore to tap complex reservoirs with extremely high temperatures and pressures.

Based on the latest surveys carried out by China’s upstream watchdog, the Ministry of Natural Resources, the deep-water areas of the Qiongdongnan and Pearl River Mouth basins hold 3.05 billion tonnes (22.4 billion barrels) of oil in place and 6.1 trillion cubic metres of gas in place.

This is out of a total of 35 billion tonnes of oil and gas in place, of which gas accounts for 83%, in the South China Sea.

CNOOC Ltd recently made two major deep-water gas discoveries — Yongle and Baodao in the Qiongdongnan basin, east of the Lingshui gas field. The two fields, each believed to hold 100 Bcm of gas, are hoped to be the basis for a new gas production hub.

CNOOC Ltd has aligned with nine major foreign operators, including Chevron and ConocoPhillips of the US, to explore offshore basins in the South China Sea.

Agreements were signed late last year covering blocks in the Pearl River Mouth, Yinggerhai and Qiongdongnan basins.

However, without production sharing contracts to back them up, the agreements are mostly symbolic of China’s growing openness to outside investment in its upstream industry.

While China may not be desperate for foreign investment to help it boost offshore exploration and development, it does need technology to help it tap heavy oil at Bohai Bay and to tackle high-temperature, high-pressure reservoirs in the South China Sea.

The country lacks the sophisticated engineering and fabrication expertise needed to build and install subsea equipment for deep-water operations.

CNOOC Ltd will launch a fresh bid at the end of March for a subsea production system for its Lufeng 22-1 oilfield redevelopment, part of a new overall development plan targeting a cluster of South China Sea fields.

Expected contenders include UK-based TechnipFMC, Aker Solutions of Norway, GE-controlled Baker Hughes, Schlumberger-owned OneSubsea and possibly privately owned Chinese subsea equipment manufacturer MSP-Drilex.

The fields lie north-west of the existing Lufeng oil complex that comprise Lufeng 7-2 and Lufeng 13-1.

Most of the fields set to start production, including the Huizhou 32-5 oilfield in the South China Sea’s Pearl River Mouth basin, Caofeidian 11-1/11-6 in Bohai Bay and Wenchang 13-2 in the Beibu Gulf, are what CNOOC Ltd calls “comprehensive adjustment projects”, meaning redevelopments of existing fields.

In Qiongdongnan basin, the 22 billion yuan ($3.1 bil

if you can both afford to lose that, good luck to ya

In a recent open letter to employees at China National Offshore Oil Corporation (CNOOC), chairman Yang Hua expresses a degree of frustration with a major challenge facing the oil and gas industry.

He highlights the challenges facing industry to adapt to the changing operating environment brought about by advances in digital technology.

Yang tells employees that the digital world is no longer a fiction as some have imagined. “It is so real that it is confronting me with great pressure,” he writes.

The fact that hydrocarbons will remain the world’s main source of energy for at least the next decade does not mean that CNOOC can go about its business for another 10 years content it will survive as an oil company, he says.

Oil companies all face the same challenge to cut costs to remain competitive, but conventional thinking will result in only limited success, Yang says.

Digital technology has a large role to play in the next stage of structural cost reduction.

“The application of digital technology will define the future energy landscape,” he says.

CNOOC will promote the transformation and restructure its operations — and mindset — around digital technology, he says.

Digitalisation has the potential to unlock reservoir information, boost oil recovery and improve worksite safety and cost efficiency through unmanned platforms, Yang writes.

The technology, he adds, could provide CNOOC with solutions to unlocking previously off-limits resources, including development of heavy oil deposits trapped in Bohai Bay, tight gas in eastern China and hydrocarbons in the South China Sea.

Yang says CNOOC will likely transform into a service-geared company, or a broad energy solutions provider, though it is capable of providing more energy products.

He cites a report showing that the oil and gas industry is less knowledgeable about digitalisation compared with other industries, with only 40% of operations involving digital technology, much lower than the average 49% seen in other industries.

The letter urges employees to think about what changes should be made in terms of organisation, research and goals, as they relate to digitalisation.

CNOOC will help by providing digital training for current employees and employing more people who are skilled in digital technologies.

Yang calls on employees to help develop a “digital roadmap” to guide the company’s transformation as it uses technology to maintain high-value creation, to improve operating efficiency and to increase production.

There is no guarantee that Yang’s initiative will help CNOOC recover resources that currently are not profitable to develop. But it should help the company work smarter, safer and more efficiently.

As its South China Sea exploration goes deeper and farther from shore, CNOOC is keen to produce oil and gas from unmanned and remotely controlled installations.

still in the drill box doing nothing

holding at a 30% drop until USA opens then it'll be 60% drop

Is going on with this company

where is the news if the arb is completed and a deal met

Keep rising for all the shareholders who are at a loss

somebody knows something

Who bought £10k worth of shares at 2p and is now moaning about the share price :-)

i know that feeling :-)

bigsmoke

what time do you turn your laptop on :-)

100 - I need Shares.

100 - I need Shares.
200 - I need Shares badly but do not take the stock down.

A typical directional well in the Bakken formation can usually be drilled in between 15 and 30 days. When wells are being drilled, the drilling company usually works 24 hours a day, seven days a week until it's finished. After the well is drilled, it's necessary for a completion crew to come in to prepare the well for production, which typically takes another 30 days or so

didn't Ann Robinson say that Wales should be put in room 101 :-)

For CPO 5 are

http://www.ongcvidesh.com/wp-content/uploads/2019/03/PQC-for-LAQ.pdf

lets hope so

some large sells though

look at the prices