On March 21, the reporter learned from China National Offshore Oil Corporation (CNOOC) that the Company released its 2018 annual performance report. CNOOC steadily increased oil and gas reserve and production. The annual net oil and gas production reached 475 million barrels of oil equivalent, and continued to maintain cost competitive advantages. The main cost of barrel oil continued to decline year on year, creating a record of five consecutive years of cost reduction. By the end of 2018, the company’s net proven reserves reached 4.96 billion barrels of oil equivalent, hitting a new record high, and the resource base for sustainable development in the future will be more solid.
In the next step, CNOOC has formulated a strategy for deepwater development in the South China Sea. It plans to build a deepwater oilfield cluster in the eastern part of the South China Sea in the next few years, and build the first 100 billion cubic meters deepwater gas field discovered by China in the western South China Sea, and continue to increase investment in exploration and development, deepen the potential of oil and gas resources in the South China Sea, and enhance the comprehensive support capability of oil and gas.