CNOOC raises 2011 production target by 11%

CNOOC (CEO.NYSE, 0883.HK) has raised its 2011 production target by 11% as new projects come online, state media reported. CNOOC, China’s biggest offshore oil and gas producer, said it expects to produce between 355 and 365 million barrels of oil equivalent (BOE) this year compared with an estimated output of 327-329 million BOE for 2010. The company has planned for US$8.8 billion in capital expenditure in 2011 against US$5.6 billion last year. "We will maintain a robust capital expenditure plan and implement exploration and development activities as scheduled," CNOOC’s CFO Zhong Hua said. CNOOC’s Eagle Ford project in the US and Bridas venture in Argentina are expected to contribute to company growth this year.