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CNOOC expects overseas oil output to remain stable

CNOOC expects overseas oil output to remain stable

Updated: 2012-03-05 14:59

By Zhou Yan (chinadaily.com.cn)

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BEIJING — China National Offshore Oil Corp, the country's biggest offshore oil producer, plans to keep its overseas oil and gas output at some 10 million metric tons to 13 million metric tons, roughly the same level as last year, CNOOC chairman Wang Yilin said on Monday.

CNOOC set its target of net production to 330 million to 340 million barrels of oil equivalent this year, compared with the estimated 331 million ton 332 million boe in 2011.

Speaking at the sidelines of the opening ceremony of the annual National People's Congress, Wang also said that the Penglai 19-3 oilfield, which was shut down in September after an oil spill, is ready to resume production, but waiting for approval from the government.

CNOOC holds a 51 percent stake in Penglai 19-3, the country's biggest oilfield, from which 700 barrels of oil were spilled in two accidents last June.