#China #Hong Kong #CNOOC Limited #oil production #green development

CNOOC Limited's Strategy for 2025

CNOOC Limited has officially announced its ambitious business strategy and development plan for 2025, aimed at steady growth and sustainable practices in its oil and gas operations. The company intends to maintain a stable capital expenditure while exceeding a remarkable daily production output of 2 million barrels of oil equivalent (BOE).

Production Target Goals

For the year 2025, CNOOC sets its net production target between 760 million and 780 million BOE, reinforcing its commitment to growth as production from both domestic and international sources is projected to comprise approximately 69% and 31% respectively. Following this trend, the company anticipates net production targets to escalate up to 830 million BOE by 2027, following a record production of 720 million BOE in 2024.

Capital Expenditure Insights

CNOOC has budgeted the capital expenditure for 2025 at around RMB125 to RMB135 billion. This investment strategy allocates roughly 16% to exploration, 61% to development, and 20% to production, demonstrating the company's focus on enhancing its operational capabilities and resource base. The implementation of the capital expenditure plan in 2024 has already proven effective, with the projected total reaching approximately RMB132 billion.

Exploration Focus

In its exploration endeavors, CNOOC plans to pursue large and medium-sized oil and gas fields, sharpening its competitive edge. Domestic exploration will emphasize sustaining crude oil reserves while expanding natural gas reserves through strategic projects such as extensive gas regions. The company is also keen on overseas ventures, particularly in the Atlantic Ocean rim and in partnership with countries participating in the