CNOOC president and executive director Yuan Guangyu said the new year, the group’s capital expenditure increased from 600 to 70 billion yuan, 50 billion 300 million yuan more than last year, a 19% increase to 39%, is 3 years since the first increase spending, 48% for overseas projects, pointed out that from 2016 to 2018, leading overseas also has a significant and very good project in the development of Appomattox Egina Stampede, for example, oil and oil, oil, and said that this year is the overseas investment boom.

On the other hand, the next 3 years, CNOOC’s rolling production target was slower than that in 2016, which is expected in 2016 rolling production was 476 million barrels of oil equivalent, this year is expected between 4 million 500 thousand to 460 million barrels of oil equivalent next year, ranging from 4 million 550 thousand to 465 million barrels of oil equivalent in 2019, ranging from 4 million 600 thousand to 470 million barrels of oil equivalent, reflected in the future 3 target than last year low.

Yuan Guangyu pointed out that since this year to increase investment spending, and enhance the workload and cycle time to yield, so the next 3 years yield is low.

The group said that this year the investment target is to $51 a barrel on London Brent oil, expected this year there will be 5 new projects put into operation, of which 3 in the mainland. Among them, comprehensive adjustment of Penglai 19-9 oil field project Chinese sea and Enping 23-1 Oilfield Group has been put into operation, the other three projects are BD gas field, China in Weizhou 12-2 oilfield two and Indonesia Canada Hangingstone project. At present, there are nearly 20 projects under construction, that this year prices will show a moderate upward trend, from last year to less than $30 a barrel, up to now about $50, reflecting the industry for the better.

In addition, CNOOC chairman and CEO Yang Hua said that lower oil prices are challenges for oil sands operations last year, but the group emphasizes the development of effective capacity, if the oil costs continued at a high level, must have the market reaction; if the business does not make money how can sustainable development, the group will try to reduce the business cost and improve productivity benefit.