RigData Insights

CNOOC Announces Plans to Drill 227 Exploration Wells in 2020

  • Tuesday, January 14, 2020
  • Posted By Greg Tsichlis

offshore plan chart


Source: Enverus Gulf of Mexico Activity Report, January 13, 2020

 

CNOOC, Ltd. announced its business strategy and development plan for the year 2020, which includes and E&P capex spending budget ranging from $12.3 billion to $13.7 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively.

 

The company's targeted net production for 2020 is 520 million to 530 million boe. Production from China and overseas accounts for approximately 64% and 36%, respectively. The company's net production for 2019 is expected to be approximately 503 million BOE. The company's net production for 2021 and 2022 is estimated to be around 555 million BOE and 590 million BOE, respectively.

 

In 2020, the company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers 3-D seismic data. .

 

OTHER OPERATOR NEWS

Talos Energy, Inc. announced the finalization of the thirdparty contingent resource evaluation of the company's globally recognized Zama discovery commissioned from Netherland, Sewell & Associates, Inc.

 

Talos is the operator of Zama, located offshore Mexico, and holds a 35% working interest in Block 7 in a consortium with its partners Sierra Oil & Gas, a Wintershall DEA company, and Premier Oil plc.

 

Netherland Sewell’s best estimated gross recoverable resource estimate is approximately 670 mmboe, which is near the high end of the company's previously guided range. In addition, NSAI estimated 60% of the total resources of Zama are located on Block 7. As previously disclosed, the Zama reservoir extends into the adjacent block to the east, owned by Pemex and is subject to unitization between the consortium and Pemex.

 


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