CNOOC to Drill 227 Exploration Wells in 2020

Chinese oil company CNOOC plans to drill 227 exploration wells in 2020 and has set aside up to around $13,8 billion for capital expenditures, CNOOC’s highest annual Capex since 2014, according to Reuters.

CNOOC said Monday that its targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE). Around 64 percent of production is expected to come from China and the remaining 36 percent from its international assets.

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