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CNOOC releases 2022 strategic outlook

Author : PCEC

19 January 2022

CNOOC released its strategic outlook for 2022 on January 11. The state-owned energy company has set itself the net production target of 600-610 million barrels of oil equivalent in 2022, an increase of 5.3%-7% over the previous year. The total capital expenditure budget will reach 90 billion-100 billion yuan (£10.3bn-£11.5bn) while 13 new projects will also be put into production.

Image: CNOOC
Image: CNOOC

CNOOC's total capital expenditure budget is the same as the 2021 budget. The budget will be made up of exploration (20%), development (57%), production capitalization (21%) and other capital expenditures (2%).

Regarding its exploration strategy, CNOOC stated that it will strive to make major breakthroughs in new areas and fields on the basis of increasing reserves and production resources. CNOOC estimates that in 2022, domestic oil and gas will account for about 69% of production, and overseas it will account for about 31%.

CNOOC CEO Xu Keqiang said that CNOOC will continue to increase natural gas production, and the proportion of production will increase from 21% to about 35% by 2025.

In 2022, CNOOC expects to have 13 new projects begin production, including the Bozhong Oilfield, Kenli Oilfield, Enping Oilfield Group and Shenfunan Gas Field, as well as overseas Guyana Liza Phase II project.

When it comes to future prospects, CNOOC expects that oil prices will remain above $70 per barrel in the coming three years. In the next three years, CNOOC will focus on the three major directions of increasing oil and gas reserves and production, green energy transformation, and independent innovation in technology.

In terms of low-carbon development, CNOOC intends to develop new energy business and promote offshore CCS and CCUS projects. Among them, accelerating the development of offshore wind power, form a large-scale development trend, develop the integration of onshore wind and wind power, and carry out scientific and technological research in new energy fields.

By 2025, CNOOC plans to acquire 5 million-10 million kilowatts of offshore wind power resources, with an installed capacity of 1.5 million kilowatts; acquire 5 million kilowatts of onshore wind and solar resources and put into production 500,000-1 million kilowatts.

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