CNOOC Limited announces strategy, aims for year ahead

China's largest producer of offshore crude oil and natural gas, CNOOC Limited, said on Wednesday that production will continue to grow in 2025, with daily net production to exceed 2 million barrels of oil equivalent, or BOE.

Compared with 2024's net production total, which is estimated to be around 720 million BOE, the net production target for 2025 is between 760 million and 780?million BOE, the company said.

In 2025, the capital expenditure for exploration in China will mainly be directed to sustain crude oil reserves while expanding natural gas reserves, led by the construction of the three trillion-cubic-meters-level gas regions.

For overseas exploration, the company will continue to focus on the Atlantic Ocean rim and countries and regions participating in the Belt and Road Initiative.

Multiple important new projects will be brought on stream this year, including the Bozhong 26-6 oilfield development project (Phase I) and the Kenli 10-2 oilfields development project (Phase I) in China, as well as the Yellowtail project in Guyana and the Buzios7 project in Brazil.

Zhou Xinhuai, the company's CEO, said CNOOC Limited will drive the company's high-quality and steady development by solidly pushing forward the three key programs of increasing reserves and production, technological innovation and green development.