CNOOC lifts output target to new high

Chinese state oil and gas company CNOOC (0883) has lifted its 2025 production target by 5.6-8.3 percent to a record high versus 2024 output.

It also committed to an annual payout ratio of no less than 45 percent from 2025 to 2027.

The offshore oil and gas specialist pumped about 720 million barrels of oil equivalent in 2024, meeting the high end of its target, CNOOC said in a statement outlining its annual strategic outlook on Wednesday.

This is up 6.7 percent from the 2023 level of 675 million boe.

CNOOC targets net production at between 760 million and 780 million boe for 2025 and 780 million to 800 million boe for 2026.

The goal for 2027 is set at 810-830 million boe.

For this year's production, offshore China and overseas will each account for about 69 percent and 31 percent, CNOOC added.

The company plans capital spending of between 125 billion yuan (HK$133.8 billion) and 135 billion yuan this year, versus last year's estimated spending of 132 billion yuan, which is an all-time high.

New domestic production this year will come from Bozhong 26-6 Oilfield Phase I and Kenli 10-2 Oilfield phase I.

Globally, new production will flow from projects such as Yellowtail in Guyana and Buzios7 in Brazil.

Separately, CNOOC has appointed Mu Xiuping as its new chief financial officer, redesignating him from  a non-executive director to executive director.

Mu gives up his place on the audit commite which will be taken up by Wang Dehua, a non-executive director.

REUTERS AND STAFF REPORTER