LNG

Jan 20 (LNGJ) - The largest Chinese LNG importer, China National Offshore Oil Corp., is bringing on stream five new projects during 2017, three oil fields in China, a gas field in Indonesia and the Hangingstone oil sands joint venture in Canada. CNOOC added that it had 20 other projects under construction. The company's total capital expenditure for 2017 will be up to 70 billion Chinese yuan ($10Bln). ”We will maintain prudent financial policy and improve capital efficiency in response to the continued challenge posed by low oil prices,” the company said in a strategy update. The CNOOC net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent, of which around 64 percent will be produced in China and 36 percent would come from overseas. CNOOC has stakes in the Northwest Shelf LNG plant in Western Australia and in the Tangguh liquefaction facility in Indonesia.