The Chinese state-owned oil and gas company China National Offshore Oil Corporation (CNOOC), which produced an estimated 570 Mboe of oil and gas in 2021 (above its 545-555 Mboe target), aims to reach an output of 600-610 Mboe in 2022 (+5.2-7%), including 69% in China. Moreover, the group targets a net oil and gas production of 640-650 Mboe in 2023 and 680-690 Mboe in 2024. The group plans to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells, and to start 13 new projects in China and abroad. CNOOC plans to spend CNY90-100bn (US$14.1-15.7bn), with 57% for development, 21% for production and 20% for exploration. The company foresees its domestic crude oil output to hit a peak of 60 Mt by 2030 and natural gas output to cap at 40 bcm by 2035.