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.
