CNOOC Announces 2023 Business Strategy and Development Plan

CNOOC Announces 2023 Business Strategy and Development Plan


January 11, 2023 at 04:31 EST

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(RTTNews.) CNOOC Limited has raised its capital expenditure budget and production target for 2023. The net production goal is between 650 and 660 millions barrels of equivalent oil. Production from China and other countries accounts for about 70% and 30% respectively. RMB 100 to RMB 110 billion will be the company’s total capital spending for 2023. Capital expenditures for exploration and development and other purposes, which together account for 18%, 59% and 21% respectively, will make up approximately 18%, 59% and 21% of total capital expenditure.

The net production will reach 690 to 700,000,000 BOE by 2024, and 730 to 740 Million BOE by 2025.

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