China Knowledge cited Mr Wang Yilin Board Chairman of CNOOC Ltd the largest offshore oil company in China as saying that the company will maintain an annual output target between 330 million and 340 million barrels of oil equivalent or BOE this year.
He said that although there is no timetable to resume production at the company Bohai Bay field, CNOOC is confident to meet the annual target. Last year, the state owned oil giant output was 331.8 million BOE.
In the first quarter of 2012, CNOOC produced 79.8 million BOE, less than 85.4 million BOE it realized in the corresponding period of 2011, principally dragged down by halted production at the Penglai 19-3 field.
In addition, CNOOC and Husky Energy, a Canadian oil company, are exploring for gas on the Liwan project in the South China Sea. The project might be China's biggest offshore deposit.
Mr Wang Yilin CNOOC Chairman has also met Hong Kong billionaire Mr Li Ka-Shing, the single largest shareholder in Husky Energy to accelerate the development of the Liwan project.