CNOOC 2004 Indonesian output seen at 22 million BOE
Friday, January 16 2004 - 01:10 AM WIB
CNOOC Limited, a unit of China National Offshore Oil Corp. said on Thursday it expected a net entitlement volume of approximately 22 million barrels of oil equivalent (BOE) from its 2004 Indonesian operations under WTI crude price assumption of US$23.7 per barrel.
The company said under the Indonesian production sharing contract system, the volume would change in a reverse direction by approximately 500,000 BOE for every dollar change in oil prices.
CNOOC is operator of South East Sumatra (SES) offshore block near West Java, the country?s biggest offshore oil production.The company also has interest in several oil and gas blocks in Indonesia including 12.5 percent stake in Tangguh LNG project.
Meanwhile, the company said CNOOC said 2004 exploration capital expenditure at SES would be between $14-16 million, up from last year?s $10 million. (alex)