CNOOC plans 4.7 bln usd in capex in 2001-2003

HONG KONG (AFX-ASIA) - CNOOC Ltd chairman Wei Liucheng said the company plans about 4.7 bln usd in capital expenditure over the next three years.	    "The spending is aimed at developing nine oil/gas well exploration projects located in the Bohai Bay, Western South China Sea and Eastern South China Sea," Wei said.	    Capex in 2001 is expected to reach about 1.046 bln usd, 1.681 bln usd in 2002 and 1.935 bln usd in 2002, Wei said.	    Wei said there are six oil and gas wells to be developed in the Bohai Bay and CNOOC plans to work with foreign partners under its production sharing contract scheme.	    He said there was one oil well in the Western South China Sea and two in the Eastern South China Sea for exploration, and that the company will independently develop the three projects in the two areas.	    The nine oil/gas wells are expected to commence production between 2001 and 2004, according to the company.	    "We expect the company's production will be 95 mln barrels of oil equivalent in 2001 and the production level will rise to 175 mln BOE in 2005 with the compound average growth rate of 15 pct," Wei said.	    As of the end of 2000, the company had estimated net proven reserves of 1.8 bln BOE, comprised of 1.2 bln barrels of crude oil and condensate and 3.25 trln cubic feet of natural gas, the company said.	    The company said its net production averaged 206,347 barrels of crude oil a day in 2000.	    Company chief financial executive Mark Qiu said the average oil production rose to 260,000 barrels of crude oil in the first three months of this year.	    "The production increase shows the achievement in productivity enhancement," Qiu said. 

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