Xinhua reported that CNOOC Ltd, China largest offshore oil and gas producer aims to produce 330-340 million barrels of oil equivalent in 2012 up from an estimated output of 331-332 million barrels last year.

CNOOC said in a statement that the company currently has 16 projects under construction of which four projects will commence operations this year.

The statement said "More projects will come onstream in offshore China over the next few years and become an important source of CNOOC's output growth."

Mr Li Fanrong Chief Executive Officer said in the statement that the company will strengthen independent deep-water exploration to achieve the target of 6% to 10% compound annual growth between 2011 and 2015.

CNOOC capital expenditure is estimated at USD 9.3 billion to USD 11 billion this year. The capital will be used for deep-water exploration and unconventional energy exploration.

The company said exploration, development and production will account for 17%, 68% and 14% of the total capital expenditure respectively.

(Sourced from Xinhua)