The offshore oil and gas producer is targeting a record production of 600 million 610 million barrels of oil equivalent (boe) for this year, up from 545 million 555 million boe in 2021.
The firm beat its target last year by producing an estimated 570 million boe, CNOOC said on Tuesday.
CNOOC predicts that its domestic crude oil production will peak at 60 million tonnes by 2030 and that its natural gas production will peak at 40 billion cubic meters by 2035.
Xu Keqiang, chief executive of CNOOC, told reporters during a conference call that the estimates were made on the basis of oil and gas demand, climate change targets and the security situation. energy in China.
China pledged to reach peak carbon emissions https://www.reuters.com/business/cop/china-says-must-consider-supply-chain-food-energy-security-when-curbing-2021 -10-24 by 2030 and carbon neutral by 2060, but said energy security should be considered as part of these efforts.
CNOOC, one of the lowest-cost producers in the industry, plans to keep its investment spending for 2022 at the same level as a year ago, at 90.1 trillion yuan ($ 15.70 billion). . This compares to a 2014 record of 105 billion-120 billion yuan.
The offshore specialist has become the biggest contributor to the surge in China’s national oil production, constituting 80% of the total national increase in 2020, state media reported.
Its oil tanker in Bohai, off northern China, has overtaken Daqing to become the country’s largest crude oil production base, with production of 30.132 million tonnes in 2021.
CNOOC’s first 100% -owned deep-water natural gas field, Lingshui 17-2 in the South China Sea, also reached an expected production peak of 10 million cubic meters in November.
By 2022, the company plans to drill 227 offshore exploration wells and 132 unconventional onshore exploration wells.
It also plans to launch 13 new projects, including the oil fields of Bozhong, Kenli and Enping in China, Liza Phase II in Guyana and 3M in Indonesia.
Xu added that CNOOC expects the global oil market to be in “tight balance” in 2022, with fuel demand likely returning to pre-pandemic levels.
The company projects that its net production in 2023 and 2024 will reach 640 million-650 million boe and 680 million-690 million boe, respectively.
From 2022 to 2024, CNOOC’s absolute annual dividend is not expected to be less than HK $ 0.70 per share.
($ 1 = 6.3714 yuan Chinese renminbi)