CNOOC raises production target

CNOOC Limited said on Wednesday that it would raise its production target and capital expenditure budget for 2023, with 9 new projects expected to come on stream this year.

Net production target for 2023 is 650 million to 660 million barrels of oil equivalent (BOE), of which production from China accounts for approximately 70 percent. Net production is expected to reach 690 million to 700 million BOE in 2024, and 730 million to 740 million BOE in 2025, it said.

The company’s total capital expenditure for 2023 is budgeted at 100 billion yuan ($14.77 billion) to 110 billion yuan. Capital expenditures for exploration, development and production will account for approximately 18 percent, 59 percent and 21 percent of the total capital expenditure respectively.

In 2023, 9 new projects are expected to come on stream, including the Lufeng 12-3 oilfield development project, Enping 18-6 oilfield development project and overseas projects such as Payara Project in Guyana, Buzios5 Project and Mero2 Project in Brazil, it said.

Meanwhile, the company also continues to promote green and low-carbon development and actively expands its new energy business. It vows to steadily advance the project of onshore power for offshore platforms to reduce greenhouse gas emissions from the oil and gas production activities.