HONG KONG — CNOOC is targeting net production this year in the range of 700 MMboe to 720 MMboe, with operations in China and elsewhere accounting respectively for 69% and 31%.
Going forward, the company foresees a steady increase over the next two years to 810 MMboe to 830 MMboe in 2026.
Its capex budget this year is RMB125 billion to RMB135 billion ($17.42 billion to $18.81 billion), with exploration, development and production will account representing 16%, 63% and 19% of the total, respectively.
This year the company plans to step up natural gas exploration and advance construction of 3 Tcm level gas regions in the South China Sea, Bohai Sea and onshore China.
In 2023 the company discovered in-place volumes of more than 100 MMt boe in the Bohai Sea and deepwater South China Sea.
New projects set to come onstream this year in China include the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development; Bozhong 19-2 Oilfield Development; Shenhai-1 Phase II Natural Gas Development Project; Huizhou 26-6 Oilfield Development; and Shenfu Deep-play Coalbed Methane Exploration and Development Demonstration project.
Overseas, the startup of Mero3 in the presalt Santos Basin offshore Brazil will provide a further production boost.
To support its growth plans via deepwater exploration and from producing oil fields, the company has focused on building intelligent oil and gas field facilities, improved digital scenarios, accelerating construction of unmanned and semi-unmanned offshore platforms, and also of installation of typhoon mode structures.
Also on its agenda is industrialization of carbon capture and storage (CCS) technologies. CNOOC has undertaken an assessment of the storage potential offshore China and plans an offshore CCUS demonstration center in northern China, related to the Bozhong 19-6 gas field.
It is also working on the integrated development of offshore wind power and oil and gas production. It expects green electricity consumption in China to exceed 700 million kWh in 2024.