CNOOC Limited revealed Wednesday that it plans to boost production to 2021.

The company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (boe). Net production for 2020 and 2021 is estimated to increase to 505 million to 515 million boe and 535 million to 545 million boe, respectively. CNOOC Limited’s net production for 2018 is expected to be approximately 475 million boe.

CNOOC Limited plans to drill 173 exploration wells and acquire approximately 10,810 square miles of 3D seismic data this year. The company also expects a total of six new projects to come on stream in 2019. Two of these – the Egina oil field project and the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project – have already commenced production.

Total capital expenditure for CNOOC Limited in 2019 is budgeted at $10.3 billion (RMB 70 billion) to $11.7 billion (RMB 80 billion). The capital expenditures for exploration, development and production account for approximately 20 percent, 59 percent and 19 percent, respectively, according to CNOOC Limited.

“The company will maintain its prudent financial policy and investment decision-making and ensure the effective implementation of the capital expenditure plan to improve the overall performance of the company,” Xie Weizhi, chief financial officer of CNOOC Limited, said in a company statement.

On January 16, CNOOC Limited announced that the Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project had commenced production. The project, which is located in south-central part of the eastern South China Sea, is expected to reach a peak production of approximately 19,200 barrels of crude oil per day in 2020.

The company announced the output start up of the Egina Field, located in deepwater offshore Nigeria, on January 2. The project is expected to reach a peak production of approximately 200,000 barrels of crude oil per day in 2019.

The CNOOC Limited group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world, according to the company’s website.

(From Rigzone)