China’s CNOOC plans to produce 650-660 million barrels of oil in 2023

China’s National Offshore Oil Corporation (CNOOC) has planned 650-660 mb of oil production for 2023. Such data is contained in the company’s Wednesday report on the Shanghai Stock Exchange.

It is noted that 70% of the indicated volume should be mined in deposits inside China, and the remaining 30% – abroad.

In 2023, the company’s total capital budget would be between 100 and 110 billion yuan ($14.9 billion – $16.4 billion). Some 59 per cent of the funds will go to development and the remainder will go to exploration and other expenditures.

For 2024 and 2025, CNOOC planned to increase oil production to 700 million barrels and 740 million barrels. CNOOC planned to increase oil production by 20% by 2015. In 2022, the company reported net oil production of 620 million barrels.