CNOOC targets yearly production increases through 2026
CNOOC Ltd. outlined 2024 plans to develop multiple fields and increase production in 2024 and beyond.
The company is targeting 2024 net production of 700-720 MMboe, 69% of which is expected to come from operations in China. By comparison, net production for 2023 is estimated at 675 MMboe, the company said.
In 2025, net production of 780-800 MMboe is targeted, with an increase to 810-830 MMboe in 2026.
Major projects in China include the Suizhong 36-1/Luda 5-2 oilfield secondary adjustment and development project, the Bozhong 19-2 oilfield development project, the Shenhai-1 Phase II natural gas development project, the Huizhou 26-6 oilfield development project, and the Shenfu deep-play coalbed methane exploration and development demonstration project. Overseas, projects such as Mero 3 in Brazil are also expected to support production growth.
CNOOC plans a 2024 capital expenditure budget of RMB 125-135 billion, of which capital expenditures for exploration, development, and production will account for about 16%, 63%, and 19% of the total, respectively.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
