HONG KONG, January 11, 2023 /PRNewswire/ — CNOOC Limited (the “Company” or, SEHK: 00883, SSE: 600938) today announces its business strategy and development plan for the year 2023.
The Company is raising its production target and its capital budget for 2023. The net production target is 650 million to 660 million barrels of oil equivalent (boe), of which the production of China and overseas accounts for about 70% and 30%, respectively. Net production is expected to reach 690 million to 700 million boe in 2024 and 730 to 740 million boe in 2025. The company’s total capital expenditures for 2023 are budgeted at 100 billion RMB to 110 billion RMBof which capital expenditures for exploration, development, production and others will represent approximately 18%, 59%, 21% and 2% of total capital expenditures, respectively.
In 2023, 9 new projects should see the light during the year, including projects in China such as Bozhong Gas Condensate Field Phase I Development Project 19-6, Lufeng Oilfield Development Project 12-3 and Enping Oilfield Development Project 18-6 and projects at the abroad such as the Payara project in GuyanaBuzios5 Project and Mero2 Project in Brazil.
Meanwhile, the Company continues to promote green and low-carbon development and actively expands its new energy business. It will steadily advance the onshore power project for offshore platforms to reduce greenhouse gas emissions from oil and gas production activities. He will lead the development of the CZ7 centralized offshore wind energy demonstration project in Hainanwhich, when completed, can supply the electricity grid with around 500 million kWh per year, reducing CO2 emissions2 emissions of approximately 2.64 million tonnes each year.
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 of the proposed dividends for each year, from 2022 to 2024, the expected annual distribution rate of the Company will not be less than 40% and the annual absolute dividend should not be less than HK$0.70/share (including tax).
Mr. Zhou Xinhuai, CEO of the company, said, “In the coming year, CNOOC Limited will continue to strive for progress while delivering stable performance. The company will vigorously implement the three main programs of increasing reserves and production, independent technological innovation and green innovation. Energy Transition, and pursue the Double Quality and Efficiency Upgrade initiative, in order to strengthen our core competitiveness and create more value for our shareholders.”
Notes to editors:
More information about the company is available at http://www.cnoocltd.com.
This press release contains forward-looking information, including statements regarding 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”, “target”, “ongoing”, “may”, “will”, “plan”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes made by the Company to 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 believes currently appropriate in the circumstances. . However, there is no certainty that actual results and developments will meet the Company’s current expectations and forecasts. 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 environmental policies, Company pricing forecasts, mergers, acquisitions and divestitures activities, HSSE policies and insurance and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws.
Accordingly, all forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot guarantee that the anticipated results or developments will be realized or, even if substantially realized, that they will have the intended effect on the Company, its business or operations.
For more information, please contact:
M/s. Ariel Wang
Media and public relations
CNOOC Limited
Tel: +86-10-8452-6832
Fax: +86-10-8452-1441
Email: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communication Group
Tel: +852 3150 6707
Fax: +852 3150 6728
Email: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited