Cnooc Ltd. will produce 422 million to 435 million barrels of oil equivalent, it said in a statement to the Hong Kong stock exchange yesterday. The company produced 412 million barrels of oil equivalent in 2013, including 61 million barrels from Canada ’s Nexen Inc. Cnooc, which bought Nexen for $15.1 billion in China’s biggest overseas acquisition, maintained its 6 percent to 10 percent average annual production growth target from 2011 to 2015 with the proviso that key offshore projects start on time later this year or early next, Chief Executive Officer Li Fanrong said at a press conference in Hong Kong yesterday. “There isn’t enough time left for Cnooc to meet […]