SINGAPORE: Chinese offshore oil and gas major CNOOC expects its annual domestic crude oil production to reach 1.2 million barrels per day by 2025, 28% above its current level.
The targeted output compares to first-half production offshore China in 2022 of 169.5 million barrels, or about 936,000 barrels per day. The state oil major reported on Thursday record interim profit at $10.5 billion and record oil and gas production.
Production from domestic operations made up 71% of CNOOC’s total portfolio during this period, up from 69% a year earlier.
Under Beijing’s call to enhance supply security, Chinese national oil giants have stepped up developing domestic oil and gas resources.
That has included more costly and technologically challenging unconventional resources to help arrest fast-depleting reserves at conventional oilfields.
CNOOC also aims for its domestic natural gas output to reach 35 billion cubic meters by 2025, chairman Wang Dongjin told an earnings call. He did not give a comparison.
That will involve developing large projects such as deepwater gas field Shenhai-1 in the South China Sea and Bozhong 19-6 in Bohai Bay, as well as onshore coalseam gas, he said.
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Gas output at home will further increase to 45 bcm, Wang added.
CNOOC has said its medium-term goal is to boost natural gas to 35% of total production by 2025 from 21% at present.
The company also aims for its carbon emissions to peak by 2028 and to be carbon neutral by 2050.
To achieve that goal, CNOOC has said it will allocate 5-10% of spending on green investment, mainly offshore wind power, over the next five years.
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