HONG KONG, January 22, 2025 /PRNewswire/ — CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces its business strategy and development plan for 2025.
CNOOC logo (PRNewsfoto/CNOOC Limited)
Maintaining stable capital expenditure, with net production set to exceed 2 million barrels of oil equivalent (BOE) per day
The annual payout ratio will be no less than 45% over the next three years
In 2025, the Company’s production will continue to increase and net daily production will exceed 2 million BOE. The net production target for the year is 760 million to 780 million BOE, of which production from China and abroad accounts for approximately 69% and 31%, respectively. Target net production is 780 million to 800 million BOE in 2026, and 810 million to 830 million BOE in 2027. In 2024, net production is estimated to be approximately 720 million BOE, setting record levels for 6 consecutive years.
The Company’s capital expenditures will remain unchanged. In 2025, the total capital expenditure is budgeted at 125 RMB THE 135 billion RMBof which, capital expenditures for research, development and production will account for approximately 16%, 61% and 20% of the total, respectively. The Company’s capital expenditures for 2024 are well underway, expected to reach approx. 132 billion RMB.
The company strives to search for large and medium-sized oil and gas fields, to strengthen the resource base for reserves and increase production. In 2025, capital expenditures for research in China it will primarily be directed to support crude oil reserves while expanding natural gas reserves, led by the construction of three trillion cubic meter level gas fields. For overseas exploration, the Company will continue to focus on the Atlantic Ocean rim and the “Belt and Road” countries. Drilling will continue in GUYANA and rotation search is scheduled to Niger. The seismic survey will be carried out in MOZAMBIQUE AND iraq. At the same time, the Company will continue to seek high-quality acreage, especially operating assets.
The company will promote the integration of research and development, as well as engineering standardization, to accelerate the conversion of reserves into production. In 2025, many important new projects will be commissioned, including the Bozhong 26-6 Oilfield Development Project (Phase I) and the Kenli 10-2 Oilfield Development Project (Phase I) in Chinaas well as the Yellowtail Project in GUYANA and the Buzios Project7 in Brazil.
While increasing reserves and production, the Company will actively promote technological innovation and green development. In 2025, the Company will continue research on key oil and gas exploration and development technologies and build intelligent oil and gas fields. Relying on the Hi-Energy AI model, the Company will facilitate the deep integration of digital intelligence technology with the oil and gas business to promote lean management. The company will lead the integrated development of the hydrocarbon sector and new energy sectors. The scale of offshore wind power will gradually expand. Solar photovoltaic projects on land will be inspected and built. The substitution of green energy will accelerate. In 2025, green electricity consumption is expected to exceed 1 billion kWh, with an increase of 30% year-on-year. The company has incorporated carbon pricing into the investment evaluation process and advanced regional CCS/CCUS pilot projects.
The Company attaches great importance to ESG and improves the Company’s development strategy and governance system with ESG concepts. In terms of the environment, the company has prioritized environmental protection and energy conservation. Green development and emission reduction policies have been issued and measures have been taken to proactively address the challenges of climate change. In terms of society, the Company has been trying to serve the society, create harmony and benefit the people. The company has actively participated in public welfare enterprises to respond to social needs. In terms of governance, the Company adheres to high standards of compliance and governance, strengthens the construction of the board of directors and continuously improves the corporate governance system to achieve sustainable development.
The company has placed great emphasis on shareholder returns and has shared the fruits of development with shareholders. Subject to the approval of the general assembly of shareholders, for the years 2025-2027, the expected annual dividend payout ratio will be no less than 45%. Adhering to the principle of return to shareholders, the Company will adjust the above dividend policy based on changes in the market environment, taking into consideration factors such as shareholder opinions, strategic planning and operating results.
Mr. Zhou Xinhuai, CEO of the Company, said: “In 2025, CNOOC Limited will strongly push forward the three main programs of reserve and production growth, technological innovation and green development, to promote high-quality and sustainable development. of the Company. We will actively share the fruits of development with our shareholders, increasing our ability to create value.”
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Notes to editors:
More information about the company can be found at http://www.cnoocltd.com.
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This press release contains forward-looking information, including statements about possible 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,” “target,” “ongoing,” “may,” “will,” “project,” “should,” “believe,” “plan,” “goals” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes made by the Company as of this date in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes to be appropriate. according to the circumstances. However, whether current results and developments will meet the Company’s current expectations and projections is uncertain. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those related to macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of oil and natural gas industry. , climate change and environmental policies, Company price forecasting, mergers, acquisitions and divestiture activities, HSSE and insurance policies and changes in anti-corruption, anti-fraudanti-money laundering and corporate governance laws and regulations.
Accordingly, all forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the anticipated results or developments will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.
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For further questions, please contact: Ms. Cui Liu Media & Public Relations CNOOC Limited Phone: +86-10-8452-6641 Fax: +86-10-8452-1441 Email: mr@cnooc.com.cn
Mr. Lee Rabbit Porda Havas International Finance Communications Group Tel: +852 3150 6707 Fax: +852 3150 6728 E-mail: cnooc.hk@pordahavas.com
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