HOUSTON, TEXAS (Editors at Energy Analytics Institute, 22.Jan.2025) — CNOOC Limited announced its business strategy and development plan for the year 2025.
CNOOC eyes its net production will exceed 2 million barrels of oil equivalent per day (MMboe/d) in 2025. The net production target for is 760-780 MMboe in 2025, of which, the production from China and overseas will account for 69% and 31%, respectively. This compares to estimated net production of 720 MMboe in 2024, CNOOC said 22 Jan. 2025 in an official statement.
Looking forward, the net production target is 780-800 MMboe in 2026, and 810-830 MMboe in 2027.
In 2025, CNOOC’s capital expenditure (Capex) will remain flat. Total Capex is budgeted at RMB125bn-RMB135bn, of which, Capex for exploration, development and production will account for 16%, 61% and 20% of the total, respectively. CNOOC’s Capex in 2024 is expected to reach RMB132bn.
“In 2025, CNOOC Limited will solidly push forward the three key programs of increasing reserves and production, technological innovation and green development, to drive the company’s high-quality and steady development,” CNOOC CEO Zhou Xinhuai said in the statement. “We will actively share the fruits of development with our shareholders while enhancing our capability of value creation.”
Specific plans for 2025
CNOOC will continue to search for large and medium-sized oil and gas fields in a move to strengthen its resource base for reserves and production growth.
In 2025, Capex destined for China will mainly be directed to sustain crude oil reserves while expand natural gas reserves, led by the construction of the 3 trillion-cubic-meters-level gas regions.
For overseas exploration, CNOOC will continue to focus on the Atlantic Ocean rim and the “Belt and Road” countries.
Drilling will continue in Guyana and rolling exploration is planned in Nigeria. Seismic survey will be conducted in Mozambique and Iraq. At the same time, CNOOC will continue to seek for high quality acreage, especially operating assets.
CNOOC said it will promote exploration and development integration, as well as engineering standardization, to accelerate the conversion of reserves into production.
In 2025, CNOOC expects multiple important new projects will be brought online including Bozhong 26-6 Oilfield Development Project (Phase I) and Kenli 10-2 Oilfields Development Project (Phase I) in China, as well as Yellowtail Project in Guyana and Buzios 7 Project in Brazil.
Promoting technological innovation
While increasing reserves and production, CNOOC will actively promote technological innovation and green development.
In 2025, CNOOC will continue the researches on key oil and gas exploration and development technologies and build intelligent oil and gas fields.
To this end, the company will rely on the “Hi-Energy” artificial intelligence model, and facilitate the in-depth integration of digital intelligence technology with the oil and gas business to promote lean management.
CNOOC also looks to drive the integrated development of hydrocarbon sector and new energy sectors. The scale of offshore wind power will be gradually expanded. Onshore photovoltaic projects will be screened and built. Green power substitution will be expedited.
In 2025, CNOOC expects green electricity consumption will exceed 1bn kWh, up 30% compared to 2024.
Additionally, CNOOC has incorporated carbon price into investment evaluation process, and has been advancing the regional CCS/CCUS pilot projects.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved