CNOOC targets higher output in 2014

China National Offshore Oil Corporation (CNOOC) Limited, a Hong Kong-listed subsidiary of China's largest offshore oil producer CNOOC, announced on Monday that it is targeting a net production between 422 and 435 million barrels of oil equivalent this year.

CNOOC Ltd. said in a statement on its website that its net production in 2013 was around 412 million barrels of oil equivalent, including 61 million barrels from the acquisition of Canada's Nexen Inc.

The company acquired Nexen in February 2013, paying about 15.1 billion U.S. dollars for all of Nexen's common and preferred shares.

This year, the Nexen deal will add 69 million barrels of oil equivalent to the company's total output, the statement said.

CNOOC Ltd. expects seven to 10 new projects to start production and plans to drill roughly 155 exploration wells in 2014.