Cnooc Plans to Scale Up Oil and Gas Production

Chinese oil-and-gas major Cnooc Ltd. plans to scale up its production, targeting a net production figure of 600 million-610 million barrels of oil equivalent this year. This compares with Cnooc's estimated 2021 net production of 570 million BOE, the company said Tuesday.

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

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

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

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

Cnooc added that it was seeking to implement share buybacks in 2022, subject to approval by shareholders.

Cnooc said it was committed to increasing oil and gas reserves and production, as well as expediting its green energy transition.

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