CNOOC is aiming for 6% average annual production growth by 2025 when output is forecast to hit 2 million barrels of oil equivalent a day
China’s CNOOC Ltd has raised its 2023 production target by around 8 per cent to a record 650 million to 660 million barrels of oil equivalent , it said on Wednesday.
Under its stated strategy to boost the share of natural gas in its portfolio, CNOOC is stepping up the development of large domestic finds like Baodao 21-1 in the Qiongdongnan basin of South China Sea as well as gas reservoirs in global projects. CNOOC said it expects to launch production at nine new projects this year, including domestic fields Bozhong 19-6 in the Bohai Bay basin and Lufeng 12-3 in the Pearl River Mouth basin, and global projects like Mero 2 in Brazil and Payara in Guyana.
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