CNOOC reported 2010 Annual Results; Production up 44.4% over 2009; Plan to invest US $5.05 billion for Development projects in 2011

CNOOC’s 2010 net production reached 328.8 mmboe, reached 2010 production guidance of 327-329 mmboe. The production growth is mainly attributable to production from new fields brought on stream since 2009, outstanding performance of the producing fields and the production contribution from newly acquired projects. In 2010, the Company’s reserve replacement ratio amounted to 202%.

In 2010, the Company achieved 12 independent discoveries and successfully appraised 12 oil and gas structures by 18 appraisal wells in offshore China. In respect of exploration under production sharing contracts, besides the deepwater discovery of Liuhua 29-1, 3 oil and gas structures were successfully appraised by 5 appraisal wells.

CNOOC plan to invest US $8.77 billion in 2011, in which US$5.05 billion allocated for development projects.

CNOOC’s 2010 overseas acquisitions and JV’s:

Source: Derrick Petroleum E&P Transactions Database

The company projected 6-10% production growth for 2011-2015

Det norske oljeselskap ASA reported 2010 annual results; Production up 13.4% over 2009; Plan to produce ~2,000 boepd net in 2011

Det norske reported 2010 annual results. The company reported 2010 annual production of 2,092 boepd (WI), which is 13.4% higher than 2009 annual production of 1,845 boepd. Det norske is planning to invest NOK 300 million ($53.5 million) in 2011 including NOK 220 million ($39.3 million) for development assets.

Highlights:

-- Annual production of 2,092 boepd in 2010

-- Developments in the pipeline

-- Expected post-tax exploration spending in 2011 amounts to approximately NOK 400 million ($71.4 million)