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"The company's overall production in 2007 will be flat at 162 to 170 million barrels oil equivalent (BOE) under the WTI crude oil price of $62.80," said Yang Hua, executive vice-president of CNOOC, in Hong Kong yesterday.

"Although the production target for this year has not seen a substantial year-on-year increase, it will lay the foundation for several new projects, which will be put into operation in 2008 and 2009," Yang said.

A woman walks past the headquarters of the China National Offshore Oil Corp in Beijing. The company said yesterday its overall production in 2007 will be flat at 162 to 170 million barrels oil equivalent. AFP

The firm's production volume for 2006 is estimated at 165 to 168 million BOE. CNOOC said damage to its Liuhua oilfield facilities caused by Typhoon Pearl last year was partly why it is expected to pull up short of its 170 million BOE production target.

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