CNOOC 'confident' on output goals

CNOOC Ltd, China's biggest offshore oil and gas developer, on Monday announced its 2014 business strategy, which includes producing 422 to 435 million barrels of oil equivalent.

"We are confident of meeting our production target of 6 to 10 percent annual growth from 2011 to 2015," said Li Fanrong, chief executive officer, at a news conference in Hong Kong.

According to the company, about 69 million BOE of the output target in 2014 will come from Nexen Inc. The acquisition of Nexen raised CNOOC's output after the smooth integration of operations in the past year.