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China’s CNOOC unveils increased production target of 700-720 mboe for 2024

The Chinese state-owned oil and gas company CNOOC has announced a net production target for 2024 of 700 to 720 million barrels of oil equivalent (mboe), of which production from China will account for 69% and production from overseas 31%. This represents an 8-9% increased compared to the company’s production target for 2023 (650-660 mboe), which was exceeded, as CNOOC estimates net production to be approximately 675 mboe for 2023. In addition, CNOOC announced a net production target of 780-800 mboe for 2025 and 810-830 mboe for 2026.

New domestic production in 2024 will come from oil fields off China’s Bohai Bay and deep-sea natural gas operations in the South China Sea, as well as onshore coalbed methane projects. Abroad, CNOOC expects strong production growth from the Mero-3 project in Brazil. The Company's total capital expenditure for 2024 is budgeted between CNY125bn (US$17.5bn) and CNY135bn (US$19bn), of which expenditures for exploration, development and production will account for approximately 16%, 63% and 19% of the total, respectively.