CNOOC is targeting net production this year in the range of 700 MMboe to 720 MMboe, with operations in China and elsewhere accounting respectively for 69% and 31%.
Going forward, the company foresees a steady increase over the next two years to 810 MMboe to 830 MMboe in 2026.
Its capex budget this year is RMB125 billion to RMB135 billion ($17.42 billion to $18.81 billion), with exploration, development and production will account representing 16%, 63% and 19% of the total, respectively.
This year the company plans to step up natural gas exploration and advance construction of 3 Tcm level gas regions in the South China Sea, Bohai Sea and onshore China.
In 2023 the company discovered in-place volumes of more than 100 MMt boe in the Bohai Sea and deepwater South China Sea.
