China's CNOOC sets 2025 output target at new high

Chinese state oil and gas company CNOOC has lifted its 2025 production target by 5.6-8.3 per cent to a record high versus 2024 output.

The offshore oil and gas specialist pumped about 720 million barrels of oil equivalent (boe) in 2024, meeting the high end of its target, CNOOC said in a statement outlining its annual strategic outlook on Wednesday.

This is up 6.7 per cent from the 2023 level of 675 million boe.

CNOOC targets net production at between 760 million and 780 million boe for 2025 and 780 million to 800 million boe for 2026.

The goal for 2027 is set at 810-830 million boe.

For this year's production, offshore China and overseas will each account for about 69 per cent and 31 per cent, CNOOC added.

The company plans capital spending of between 125 billion yuan ($17.18 billion) and 135 billion yuan this year, versus last year's estimated spending of 132 billion yuan, which is an all-time high.

New domestic production this year will come from Bozhong 26-6 Oilfield Phase I and Kenli 10-2 Oilfield Phase I.

Globally, new production will flow from projects such as Yellowtail in Guyana and Buzios7 in Brazil.

(Reporting by Chen Aizhu; Editing by Eileen Soreng)