Cnooc Plans to Scale Up Oil and Gas Production

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By Yongchang Chin
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Chinese oil and gas major Cnooc Ltd. The U.S. plans to ramp up its production, targeting a net production figure of 600 million-610 million barrels of oil equivalent this year. The company said Tuesday that it compares with Cnooc’s estimated 2021 net production of 570 million BOE.

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It then targets 640 million-650 million BOE for 2023, followed by 680 million-690 million BOE in 2024.

Cnooc has budgeted capital expenditures for 2022 at 90 billion yuan ($14.11 billion) to CNY100 billion, most of which will go to project development.

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Thirteen new projects are expected to come online in multiple locations, including China, Guyana and Indonesia.

The company said it expects to offer an annual full dividend of at least HK$0.70 from 2022 to 2024, regardless of operating results. It also proposes a special dividend on top of the regular dividend at the end of 2021 year.

Cnooc said it was seeking to implement the share buyback in 2022, subject to approval by shareholders.

Cnooc said it is committed to accelerating its green energy transition while increasing oil and gas reserves and production.

Write to Yongchang Chin at [email protected]

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