CNOOC to Triple Oil, Gas Output by 2030

China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd, aims to double its oil and gas production by 2020 and triple it by 2030 against the level in 2010, Reuters has reported quoting company’s chairman Wang Yilin.

CNOOC's oil and gas production from domestic fields in 2010 topped 50 million tonnes of oil equivalent. The company did not give overseas output figures for 2010.

In 2011, CNOOC produced 46.61 million tonnes of crude oil and 16.7 billion cubic metres of natural gas.

The oil and gas reserve replacement ratio last year exceeded 100 percent, laying a solid foundation for sustainable growth, Wang said.

The company plans to invest $17 billion this year.

CNOOC aims to maintain steady growth of oil and gas production this year and to make break-through progress in deep-water oil and gas exploration. It also plans to speed up construction of liquefied natural gas terminals and explore unconventional resources including coal bed methane, shale gas, and shale oil, Wang said.