HONG
KONG, Jan. 11, 2023 /PRNewswire/ -- CNOOC
Limited (the "Company" or, SEHK: 00883, SSE: 600938) today
announces its business strategy and development plan for the year
2023.
The Company raises its production target and capital expenditure
budget for 2023. Net production target is 650 million to 660
million barrels of oil equivalent (BOE), of which, production from
China and overseas accounts for
approximately 70% and 30%, respectively. Net production is expected
to reach 690 million to 700 million BOE in 2024 and 730 million to
740 million BOE in 2025. The Company's total capital expenditure
for 2023 is budgeted at RMB 100
billion to RMB 110 billion, of
which, capital expenditures for exploration, development,
production and others will account for approximately 18%, 59%, 21%
and 2% of the total capital expenditure, respectively.
In 2023, 9 new projects are expected to come on stream during
the year, including projects in China such as Bozhong 19-6 Condensate Gas
Field Phase I Development Project, Lufeng 12-3 Oilfield Development
Project and Enping 18-6 Oilfield Development Project and overseas
projects such as Payara Project in Guyana, Buzios5 Project and Mero2 Project in
Brazil.
Meanwhile, the Company continues to promote green and low-carbon
development and actively expands its new energy business. It will
steadily advance the project of onshore power for offshore
platforms to reduce greenhouse gas emissions from the oil and gas
production activities. It will lead the development of CZ7
Centralized Offshore Wind Power Demonstration Project in
Hainan, which, upon completion,
can provide clean electricity of about 500 million kWh per year to
the grid, reducing CO2 emission by about 2.64 million
tons each year.
The Company always attaches importance to rewarding shareholders
and actively shares the benefits of development. Subject to the
approval by the general meeting of shareholders on the proposed
dividends for each year, from 2022 to 2024, the expected annual
payout ratio of the Company will be no less than 40% and the annual
absolute dividend is expected to be no less than HK$ 0.70/share (tax inclusive).
Mr. Zhou Xinhuai, CEO of the Company, said, "In the coming year,
CNOOC Limited will continue to seek progress while delivering
stable performance. The Company will vigorously implement the three
major programs of Reserves & Production Augmentation,
Independent Technological Innovation and Green Energy Transition,
and press ahead with the initiative of Quality and Efficiency Dual
Upgrading, so that we can sharpen our edge of core competitiveness
and create greater value for shareholders."
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
This press release includes forward looking information,
including statements regarding the likely future developments in
the business of the Company and its subsidiaries, such as expected
future events, business prospects or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company as of this date in
light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors that the Company currently believes are appropriate
under the circumstances. However, whether actual results and
developments will meet the current expectations and predictions of
the Company is uncertain. Actual results, performance and financial
condition may differ materially from the Company's expectations,
including but not limited to those associated with macro-political
and economic factors, fluctuations in crude oil and natural gas
prices, the highly competitive nature of the oil and natural gas
industry, climate change and environment policies, the Company's
price forecast, mergers, acquisitions and divestments activities,
HSSE and insurance policies and changes in anti-corruption,
anti-fraud, anti-money laundering and corporate governance
laws.
Consequently, all of the forward-looking statements made in this
presentation are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
For further enquiries, please contact:
Ms. Ariel Wang
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6832
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited