CNOOC Announces Production Targets - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) said, in 2021, the company targets net production of 545-555 million barrels of oil equivalent (BOE). The company plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional seismic data. 19 new projects are expected to come on stream. Total capital expenditure for 2021 is budgeted at RMB90 billion to RMB100 billion.

The company targets net production for 2022 and 2023 to be 590-600 million BOE and 640-650 million BOE, respectively.

The company's net production was approximately 528 million barrels of oil equivalent (BOE) in 2020.