CNOOC Limited has announced its strategic business plan for 2025, focusing on stable capital expenditure, production growth, technological innovation, and green development. The company has set a target to achieve daily net production exceeding 2 million barrels of oil equivalent (BOE), alongside maintaining an annual dividend payout ratio of no less than 45 percent for the next three years.
CNOOC aims to produce 760-780 million BOE in 2025, with approximately 69% of production from China and 31 percent from overseas. The production targets for 2026 and 2027 are set at 780-800 million BOE and 810-830 million BOE, respectively. The company’s net production for 2024 is estimated at 720 million BOE, marking six consecutive years of record growth.
Capital expenditure for 2025 is budgeted at RMB 125-135 billion. Exploration, development, and production will account for 16 percent, 61 percent, and 20 percent of this investment, respectively. CNOOC plans to strengthen its resource base by targeting large and medium-sized oil and gas fields, with exploration efforts focusing on crude oil reserves in China and natural gas development in key regions. Overseas exploration will continue in high-potential areas such as the Atlantic Ocean rim and “Belt and Road” countries, with active drilling in Guyana and Nigeria and seismic surveys in Mozambique and Iraq.
CNOOC has announced several key projects set to come online in 2025. These include the Bozhong 26-6 Oilfield Development Project (Phase I) and Kenli 10-2 Oilfields Development Project (Phase I) in China, as well as international projects like the Yellowtail Project in Guyana and the Buzios7 Project in Brazil.
The company will integrate exploration and development processes to accelerate reserve-to-production conversion. Emphasis will also be placed on technological innovation, with plans to develop intelligent oil and gas fields leveraging the “Hi-Energy” artificial intelligence model.
In line with its commitment to green development, CNOOC will expand offshore wind power, initiate onshore photovoltaic projects, and accelerate green power substitution. The company’s green electricity consumption is expected to exceed 1 billion kWh in 2025, a 30 percent year-on-year increase. Efforts in carbon reduction include incorporating carbon pricing into investment evaluations and advancing regional CCS/CCUS pilot projects.
CNOOC is also prioritising environmental, social, and governance objectives. It has implemented green development and emission reduction policies, engaged in public welfare initiatives, and strengthened corporate governance to support sustainable development.
The company has committed to maintaining a dividend payout ratio of no less than 45 percent from 2025 to 2027, subject to market conditions and shareholder approval. CNOOC aims to balance shareholder returns with its strategic and operational priorities.
CEO’s Statement
Zhou Xinhuai, CEO of CNOOC Limited, stated: “In 2025, we will advance key programmes in increasing reserves and production, technological innovation, and green development to drive high-quality growth. By actively sharing the fruits of development with our shareholders, we will strengthen our value creation capabilities.”
This strategy underscores CNOOC’s efforts to align its operations with sustainable energy development while ensuring robust financial performance and shareholder value.
For more information visit www.cnoocltd.com
