CNOOC Ltd. raised its production target and capital expenditure budget for 2023. The company is targeting net production of 650-660 MMboe, of which, production from China and overseas accounts for about 70% and 30%, respectively. Net production is expected to reach 690-700 MMboe in 2024 and 730-740 MMboe in 2025, the company said in a release Jan. 11.
This year, the company expects nine new projects to come on stream. In China, the projects include the first phase of the Bozhong 19-6 condensate gas field development, Lufeng 12-3 oilfield development, and Enping 18-6 oilfield development. Overseas projects include Payara in Guyana, and Buzios5 and Mero2 in Brazil.
Total capital expenditure for 2023 is budgeted at RMB 100-110 billion, of which, capital expenditures for exploration, development, production, and others will account for about 18%, 59%, 21%, and 2%, respectively.
To promote low-carbon development and expand its new energy business, CNOOC said it will advance onshore power projects for offshore platforms to reduce greenhouse gas emissions. In addition, CNOOC will lead development of the CZ7 centralized offshore wind power demonstration project in Hainan, which, upon completion, could provide clean electricity of about 500 million kWh/year to the grid, reducing CO2 emission by about 2.64 million tonnes/year, the company said.
