The Chinese state-owned oil and gas company CNOOC intends to raise the share of natural gas to 50% of its total production by 2035 by accelerating exploration and production both in China and overseas. Currently gas accounts for 21% of its total hydrocarbon production. The company also plans to expand its offshore wind power business, to contribute to China's national carbon neutrality target by 2060.
CNOOC’s hydrocarbon output increased from 475 mboe in 2018 to 506.5 mboe in 2019 (+6.6%). In January 2020, CNOOC announced plans to raise its hydrocarbon production to 525 mboe in 2020; yet the group will lower its production target at its overseas projects, while maintaining production targets in China. CNOOC has recently started production from 4 new domestic offshore projects, including 3 in the Bohai Bay (Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oilfield 6/11 area and Bozhong 19-6 condensate gas field) and the Liuhua 16-2/Liuhua 20-2 in the Pearl River Mouth basin. The newly started Bozhong condensate gas field and the Lingshui 17-2 deepwater project in the south China Sea that is expected to start production in the second half of 2021 should also contribute to raising gas production in the near term.