21st February 2024
EP Report

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.

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