China’s CNOOC Eyes Record Oil, Gas Production for 2023

(Reuters) China’s CNOOC Ltd has set its 2023 production target at a record 650 million to 660 million barrels of oil equivalent (boe), about 8% above last year’s goal.  

The state-controlled offshore oil and gas company produced about 620 million boe last year, exceeding its goal of 600-610 million boe, CNOOC said on Wednesday in a filing to the Hong Kong Stock Exchange outlining its annual strategic outlook.

CNOOC plans capital spending this year of 100 billion to 110  billion yuan ($16 billion), compared with last year’s 100 billion yuan.

The company 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. 

($1 = 6.7738 Chinese yuan renminbi)

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