CNOOC gears up for offshore challenge
China’s state-controlled offshore specialist is looking to bump up output again this year is it turns its attention to more-difficult assets
CNOOC’s plans to expand production after robust growth last year underline the growing importance of offshore fields for maintaining homegrown oil and gas supply, as the Chinese offshore specialist ramps up spending to convert deeper, more challenging resources into production assets. CNOOC aims to produce 700–720m boe this year, which would be an increase of 3.7–6.7% from last year’s higher-than-expected output of c.675m boe, according to the NOC’s recent annual strategy preview. The company had estimated a year ago that it would produce 650–660m boe for 2023. Looking ahead, CNOOC aims to ramp output to 780–800m boe in 2025 and 810–830m boe in 2026. The target range for next year is an impr
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026