CNOOC Announces Business Strategy And Development Plan For 2023 - Quick Facts

(RTTNews) - CNOOC Limited (CEO) has increased its production target and capital expenditure budget for 2023. Net production target is 650 million to 660 million barrels of oil equivalent, of which, production from China and overseas accounts for approximately 70% and 30%, respectively. The company's total capital expenditure for 2023 is 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.

Net production is expected to reach 690 million to 700 million BOE in 2024 and 730 million to 740 million BOE in 2025.