China Nationwide Offshore Oil Company (CNOOC) is concentrating on web manufacturing of 700 million to 720 million barrels of oil equal (MMboe) in 2024.
The manufacturing will likely be divided into 69 p.c for China and 31 p.c for abroad accounts, the state-owned oil firm mentioned in a latest information launch. CNOOC reported 2023 web manufacturing of roughly 675 MMboe, which is the fifth straight yr it has achieved a document excessive. The corporate attributed the output progress to mission continuity and a concentrate on capital funding, with its capital expenditure anticipated to be round $18.04 billion (CNY 128 billion).
CNOOC added that it’s concentrating on 780 to 800 MMboe for 2025 and 810 to 830 MMboe for 2026. The corporate mentioned its 2024 whole capital expenditure finances is $17.62 billion to $19.03 billion (CNY 125 billion to 135 billion), of which exploration, growth, and manufacturing capitalization are anticipated to account for roughly 16 p.c, 63 p.c, and 19 p.c, respectively.
In 2024, CNOOC expects to have various high-quality new initiatives put into manufacturing, together with the Suizhong 36-1/Lvda 5-2 oil area secondary adjustment and growth mission, the Bozhong 19-2 oil area growth mission, and the Shenhai No. 1 Section II pure gasoline growth mission. In the meantime, the Huizhou 26-6 oil area growth mission, the Shenfu deep coalbed methane exploration and growth demonstration mission, and the abroad Brazilian Mero3 mission, will strongly assist manufacturing progress, the corporate famous.
CNOOC continues to concentrate on in search of large- and medium-sized oil and gasoline fields and consolidating its useful resource base for growing reserves and manufacturing. In 2024, the corporate will proceed to emphasise exploration to assist enhance reserves and manufacturing effectively.
The corporate plans to extend its efforts in pure gasoline exploration, and push ahead with the development of gasoline areas within the South China Sea, the Bohai Sea and onshore China, respectively. Final yr, the corporate made new exploration discoveries with proved in-place quantity of over 100 MMboe within the Bohai Sea and deepwater South China Sea, which is the fifth consecutive yr it has found belongings with no less than 100 MMboe.
On the vitality transition entrance, CNOOC mentioned it’s pursuing inexperienced growth and exploring the industrialization of carbon seize applied sciences, having executed a complete evaluation of storage potential offshore China. The corporate is planning an offshore carbon seize, utilization, and storage (CCUS) demonstration middle in northern China tapping the Bozhong 19-6 gasoline area.
Additional, CNOOC mentioned it plans to develop applied sciences for deep sea wind energy technology and continues to advertise the built-in growth of offshore wind energy and oil and gasoline manufacturing. The corporate anticipates inexperienced electrical energy consumption to exceed 700 million kilowatt-hours in 2024.
“Within the coming yr, CNOOC Restricted will goal excessive whereas holding its ft on the bottom”, CNOOC President and CEO Zhou Xinhuai mentioned. “We’ll implement the three key applications of accelerating reserves and manufacturing, technological innovation and inexperienced growth, and press forward with the initiative of high quality and effectivity enhancement, in order to put a stable basis for growth, and enhance the aptitude of worth creation”.
In a report printed November 2023 by Germany-based environmental non-profit Urgewald, CNOOC was the second largest spender on oil and gasoline exploration at $3.2 billion, second solely to a different state-owned firm, China Nationwide Petroleum Company, which was at $5.9 billion. The report was the second replace of the World Oil & Fuel Exit Record (GOGEL), a public database that gives an in depth breakdown of the actions of oil and gasoline corporations worldwide.
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