The Chinese state-owned oil and gas group China National Offshore Oil Corporation (CNOOC) produced about 620 mboe in 2022, exceeding its initial goal of producing 600 to 610 mboe. For 2023, CNOOC has set a production target of 650 to 660 mboe, an increase of about 8% compared to its 2022 goals, of which 70% should be achieved in China and 30% overseas. The company estimates that its net production will reach 690 to 700 mboe in 2024 and 730 to 740 mboe in 2025.
In addition, CNOOC plans capital spending this year of CNY100bn to CNY110bn (US$14.8bn to US$16.2bn), compared with 2022’s CNY100bn. The capital expenditures for exploration, development, production capitalisation and others will account for approximately 18%, 59%, 21% and 2% of the total expenditure, respectively. The company expects to launch production at nine new projects in 2023, including the domestic fields Bozhong 19-6 in the Bohai Bay basin and Lufeng 12-3 in the Pearl River Mouth basin, as well as global projects like Mero 2 in Brazil and Payara in Guyana.