CNOOC commits to increasing reserves and production in 2024

CNOOC booth at an expo held in Shanghai on June 9, 2021. [Photo/VCG]

Chinese oil and gas producer CNOOC Ltd vows to continue increasing reserves and production in 2024, as global oil and gas demands steadily grow, the company said on Thursday.

The company’s net production target for 2024 is 700 million to 720 million barrels of oil equivalent (BOE), of which production from China and overseas accounts for approximately 69 percent and 31 percent respectively, it said.

Net production last year is estimated to be approximately 675 million BOE, setting record highs for five consecutive years, it said.

The company’s total capital expenditure for 2024 is budgeted at 125 billion yuan ($17.43 billion) to 135 billion yuan. Capital expenditures for exploration, development and production will account for approximately 16 percent, 63 percent and 19 percent of the total respectively, it said.

In the coming year, CNOOC Ltd will aim high while keeping its feet on the ground, continuously increasing reserves and production, technological innovation and green development, said Zhou Xinhuai, CEO and president of the company.

The company will increase its efforts in natural gas exploration while stepping up green development and exploring the industrialization of carbon capture, utilization and storage technologies. It also vows to continue promoting the integrated development of offshore wind power and oil and gas production.

----The news is quoted from China Daily By Zheng Xin (www.chinadaily.com.cn)

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