CNOOC Limited provided production guidance for the year 2016, 2017, 2018 and 2019. The net production for 2016 is expected to be approximately 476 million BOE. The company's net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent (BOE), of which approximately 64% and 36% are produced in China and overseas, respectively. The company's total capital expenditure for 2017 will be in the range of RMB 60.0 to RMB 70.0 billion. Of that amount, the capital expenditures for exploration, development and production will account for around 18%, 66% and 15% respectively. The company will maintain prudent fiscal management and enhance capital efficiency to facilitate sustainable development. The net production targets set for 2018 and 2019 are 455 million to 465 million BOE and 460 million to 470 million BOE, respectively.