CNOOC Ltd. expected net production to hit 195-199 million barrels of oil equivalent (BOE) in 2008, compared with the estimated output of 169-171 million BOE in 2007. 

    Incorporated in Hong Kong, the company is the listed unit of the country's third largest oil producer, China National Offshore Oil Corp. (CNOOC). 

    Ten new projects were likely to come on stream this year, including major offshore China projects such as platforms B, D and E of Penglai 19-3 phase II, the Wenchang oilfields and Xijiang 23-1, it noted. 

    The oil giant said that it would focus its exploration on fields offshore and work with partners to explore deepwater blocks. It expected to achieve a reserve replacement ratio of more than 100 percent in 2008. 

    It would spend 1.04 billion U.S. dollars of the estimated 5.24 billion U.S. dollars in total capital expenditure on exploration this year. The total expenditure represented an increase of 43.7 percent from last year. 

    Fu Chengyu, chairman and chief executive officer, said: "For the oil producer, 2008 is a new exciting year with rapid growth in production. I am confident the new projects and active exploration and development programs will further optimize the quality and quantity of our assets."