The China National Offshore Oil Corporation (CNOOC), the third-largest National Oil Company in the People's Republic of China, is mainly focusing on the exploitation, exploration and development of crude oil and natural gas offshore of China. The company planned on Tuesday that its crude oil and natural gas output in 2010 may increase by 22 to 27 percent year on year, with some large projects expecting to enter in operation within the year.
The oil and gas production for the current year should be between 275 to 290 million barrels of oil equivalent, substantially more than the 226 to 228 million barrels in 2009. Nine new projects are expected to come on stream, including the offshore Jinzhou 25–1 and Bozhong 19–4.
However, the uncertainty of profitability of the company lies in the fluctuation of international oil prices. If the international crude oil price will not test the bottom below 50 US dollars per barrel in 2010, like it did at the beginning of 2009, CNOOC's profit-earnings from the output boom could be well secured.
