CNOOC Announces 2023 Business Strategy
CNOOC Limited announces its business strategy and development plan for the year 2023.
The Company raises its production target and capital expenditure budget for 2023. Net production target is 650 million to 660 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 70% and 30%, respectively. Net production is expected to reach 690 million to 700 million BOE in 2024 and 730 million to 740 million BOE in 2025. The Company’s total capital expenditure for 2023 is budgeted at RMB 100 billion to RMB 110 billion, of which, capital expenditures for exploration, development, production and others will account for approximately 18%, 59%, 21% and 2% of the total capital expenditure, respectively.
In 2023, 9 new projects are expected to come on stream during the year, including projects in China such as Bozhong 19-6 Condensate Gas Field Phase I Development Project, Lufeng 12-3 Oilfield Development Project and Enping 18-6 Oilfield Development Project and overseas projects such as Payara Project in Guyana, Buzios5 Project and Mero2 Project in Brazil.
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