CNOOC Announces Business Strategy And Development Plan - Quick Facts

(RTTNews) - CNOOC Limited (CEO) said its targeted net production for 2022 is 600 million to 610 million barrels of oil equivalent, of which, production from China and overseas accounts for approximately 69% and 31%, respectively. Net production for 2023 and 2024 are estimated to be 640 million to 650 million BOE and 680 million to 690 million BOE, respectively. The company's net production for 2021 is expected to be approximately 570 million BOE.

In 2022, the company plans to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells. Total capital expenditure for 2022 is budgeted at RMB 90 billion to RMB 100 billion.

From 2022 to 2024, the company expects annual absolute dividend to be no less than HK$0.70/share. Also, it plans to pay a 20th anniversary special dividend in addition to the 2021 year-end regular dividend.