The Chinese oil and gas company CNOOC will offer eight oil and gas bidding blocks offshore China in 2023. The offered exploration blocks will cover an area of 18,464 km2. Five blocks are located in Pearl River Mouth Basin (southern China) with an acreage of 12,793 km2, one block is located in the Donghai Basin (eastern China) with an acreage of 4,000 km2, one block is located in Beibu Bay Basin (southern China) with an acreage of 1,077 km2, and one block is located in Qiongdongnan Basin (southern China) with an acreage of 594 km2.
In 2022, CNOOC’s total oil and gas output stood at 624 mboe, an 8.9% increase compared to 2021 (573 mboe). The company targets 650 to 660 mboe for 2023 and a 6% average annual production growth. The group’s net proved reserves increased to 6,240 mboe with 18 new commercial discoveries in 2022. The reserve replacement ratio stood at 182%, and the reserve life remained at 10 years. A total of 9 new projects were put into operation in 2022, and over 40 projects were under construction.