CNOOC estimates oil output growth below target for third year:
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Chinese offshore oil and gas producer CNOOC Ltd is aiming for an up to
4.3 percent output increase this year, excluding contributions from
acquisition Nexen, well below its average annual growth target for
2011-2015 for a third year.
CNOOC has vowed it will still meet the annual growth target of 6-10
percent for the five years through 2015, increasing its capital spending
budget by as much as a third from last year to almost $20 billion and
aiming to get 20 projects into construction this year while launching up
to 10 more.
The 2014 growth rate target missed the expectations of some research
houses, including Barclays, which had been looking for a 6 percent
increase for this year. CNOOC, once an investor darling for its
high-growth profile, has been struggling to boost its output over the
past few years as domestic fields age.
Meanwhile, Chinese demand for oil has decreased,
according to Reuters via Rigzone:
China's
oil consumption in 2013 posted the slowest rise in more than two
decades, data showed on Monday, as softer economic growth sliced into
demand for transportation and industrial fuels such as diesel.
While a slowdown in oil consumption by the world's second-largest user
was expected, the sluggish rise could pressure global oil prices at a
time OPEC member Iran's nuclear deal with world powers is raising the
possibility of the Middle Eastern nation being allowed to pump and
export more oil.
China's energy appetite has driven global oil demand growth for the past
decade as usage slows in industrialized nations. Its slowing demand
last year capped prices that would have otherwise soared on the plunge
in exports from Iran, prolonged outages in Libya and disruptions in
Sudan.
China's implied oil demand rose 1.6 percent in 2013, or 150,000 barrels
per day (bpd) on the year, according to Reuters calculations based on
preliminary government data. Reuters started calculating implied oil
demand from 2005.
But data from the International Energy Agency (IEA) indicates that
apparent oil demand has not grown as slowly since at least 1992,
although its calculation methods may differ.
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