CNOOC announces ambitious production

China National Offshore Oil Corp. (CNOOC) Group Vice President Lu Bo has announced that the company is aiming to produce 60 million tons of crude oil and natural gas in 2010. Around 50 million tons will be produced from domestic fields in the Bohai Bay and South China Sea, with the remaining 10 million tons to be produced overseas. The annual output target represents a 26% increase in CNOOC’s output of 47.66 million tons in 2009, according to media reports. (September 15, 2010)