HONG
KONG, Jan. 25, 2024 /PRNewswire/ -- CNOOC
Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB
Counter), SSE: 600938) today announces its business strategy and
development plan for the year 2024.
- Continue to increase reserves and production, significantly
gear up annual production targets
- Focus on investment efficiency, and maintain a
reasonable capex structure
- Steadily promote the integrated development of new energy
and oil and gas business
As global oil and gas demands steadily grow, the Company
continues to increase reserves and production, and maintains strong
growth of production volume. In 2024, net production target is 700
million to 720 million barrels of oil equivalent (BOE), of which,
production from China and overseas
accounts for approximately 69% and 31%, respectively. Net
production target is 780 million to 800 million BOE in 2025, and
810 million to 830 million BOE in 2026. In 2023, net production is
estimated to be approximately 675 million BOE, setting record highs
for five consecutive years.
The Company's production growth is attributable to strong
pipeline of new projects and sufficient capital investment. We
focus on the efficiency of investment and make prudent plans on
capital expenditure to ensure the sustainable development of our
oil and gas business. The Company's total capital expenditure for
2024 is budgeted at RMB 125 billion
to RMB 135 billion, of which, capital
expenditures for exploration, development and production will
account for approximately 16%, 63% and 19% of the total,
respectively. In 2023, the Company advanced engineering
standardization, accelerated capacity construction, expedited
project approvals, and expected to record capital expenditures at
approximately RMB 128 billion.
The Company strives to search for large and medium-sized oil and
gas fields, and continues to strengthen the resource base for
increasing reserves and production. In 2024, the exploration
workload will remain at a high level. The Company will increase its
efforts in natural gas exploration, and push forward the
construction of three trillion-cubic-meters-level gas regions, in
the South China Sea, the Bohai Sea and onshore China respectively. In 2023, the Company made
new exploration discoveries with proved in-place volume of over
100-million-tons BOE in the Bohai Sea and deepwater South China
Sea, realizing new discovery of 100-million-tons in-place volume
for five consecutive year.
In 2024, multiple high-quality projects will be brought on
stream. Major projects in China
include Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and
Development Project, Bozhong 19-2 Oilfield Development Project,
Shenhai-1 Phase II Natural Gas Development Project, Huizhou 26-6 Oilfield Development Project and
Shenfu Deep-play Coalbed Methane Exploration and Development
Demonstration Project. Overseas, projects such as Mero3 Project in
Brazil will strongly support
production growth.
The Company continues to lever technological innovation to
sustain reserves and production growth, and to empower the
Company's high-quality development. Key technologies for deepwater
exploration, and for sustaining and increasing volume from
producing oilfields have been continuously improved. Besides, the
Company continues to build intelligent oil and gas fields,
establish technology system, refine digital scenarios, accelerate
the construction of unmanned and semi-unmanned offshore platforms,
and speed up the installation of typhoon mode.
The Company pursues green development, and explores the
industrialization of CCS/CCUS technologies. Comprehensive
assessment of storage potential offshore China has been carried out. An offshore CCUS
demonstration center in northern China, relying on Bozhong 19-6 gas field, has
been planned. The Company endeavors to develop differentiated
advantages in deep-sea wind power generation, and vigorously
promotes the integrated development of offshore wind power and oil
and gas production. Green power substitution will be expedited and
green electricity consumption is expected to exceed 700 million kWh
in 2024.
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 annual payout ratio
will be no less than 40% and the absolute dividend is expected to
be no less than HK$ 0.70/share (tax
inclusive).
Mr. Zhou Xinhuai, CEO and President of the Company, said, "In
the coming year, CNOOC Limited will aim high while keeping its feet
on the ground. We will implement the three key programs of
increasing reserves and production, technological innovation and
green development, and press ahead with the initiative of quality
and efficiency enhancement, so as to lay a solid foundation for
development, and improve the capability of value creation."
— End —
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. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
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