HONG
KONG, Jan. 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 the year 2025.
- Maintain stable capital expenditure, with net production set
to exceed 2 million barrels of oil equivalent (BOE) per
day
- Annual payout ratio will be no less than 45% over the
next three years
In 2025, the Company's production will continue to grow and
daily net production will exceed 2 million BOE. The net production
target for the year is 760 million to 780 million BOE, of
which, the production from China
and overseas accounts for approximately 69% and 31%, respectively.
The net production target is 780 million to 800 million BOE in
2026, and 810 million to 830 million BOE in 2027. In 2024, the net
production is estimated to be approximately 720 million BOE,
setting record highs for 6 consecutive years.
The Company's capital expenditure will remain flat. In 2025, the
total capital expenditure is budgeted at RMB125 to RMB135
billion, of which, the capital expenditures for exploration,
development and production will account for approximately 16%, 61%
and 20% of the total, respectively. The Company's capital
expenditure for the year 2024 has been well implemented, which is
expected to reach approximately RMB132
billion.
The Company endeavors to search for large and medium-sized oil
and gas fields, to strengthen the resource base for reserves and
production growth. In 2025, the capital expenditure for exploration
in China will mainly be directed
to sustain crude oil reserves while expand natural gas reserves,
led by the construction of the three trillion-cubic-meters-level
gas regions. 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 rolling exploration is planned in Nigeria. Seismic survey will be conducted in
Mozambique and Iraq. At the same time, the Company will
continue to seek for high quality acreage, especially operating
assets.
The Company will promote exploration and development
integration, as well as engineering standardization, to accelerate
the conversion of reserves into production. In 2025, multiple
important new projects will be brought on stream, including Bozhong
26-6 Oilfield Development Project (Phase I) and Kenli 10-2
Oilfields Development Project (Phase I) in China, as well as Yellowtail Project in
Guyana and Buzios7 Project in
Brazil.
While increasing reserves and production, the Company will
actively promote technological innovation and green development. In
2025, the Company will continue the researches on key oil and gas
exploration and development technologies and build intelligent oil
and gas fields. Relying on the "Hi-Energy" artificial
intelligence model, the Company will facilitate the in-depth
integration of digital intelligence technology with the oil and gas
business to promote lean management. The Company will drive the
integrated development of hydrocarbon sector and new energy
sectors. The scale of offshore wind power will be gradually
expanded. Onshore photovoltaic projects will be screened and built.
Green power substitution will be expedited. In 2025, the green
electricity consumption is expected to exceed 1 billion kWh, with
an increase of 30% year-on-year. The Company has incorporated
carbon price into investment evaluation process, and has been
advancing the 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 Environment, the Company has put
environmental protection and energy conservation as priorities.
Green development and emission reduction policies have been
released and measures have been taken to proactively address the
challenges of climate change. In terms of Society, the Company has
endeavored to serve the society, create harmony, and benefit the
people. The Company has been actively participating in public
welfare undertakings 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
shared the fruits of development with shareholders. Subject to the
approval of the general meeting of shareholders, for the years 2025
to 2027, the expected annual dividend payout ratio will be no less
than 45%. By adhering to the principle of returning to
shareholders, the Company will adjust the above dividend policy
based on changes in the market environment, while taking into
account factors such as the shareholders' opinions, strategic
planning, and operating results.
Mr. Zhou Xinhuai, CEO of the Company, said, "In 2025, CNOOC
Limited will solidly push forward the three key programs of
increasing reserves and production, technological innovation and
green development, to drive the Company's high-quality and steady
development. We will actively share the fruits of development with
our shareholders while enhancing our capability of value
creation."
— End —
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
*** *** *** ***
This press release includes forward looking information,
including statements regarding the 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", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company as of this date in
light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors that the Company currently believes are appropriate
under the circumstances. However, whether actual results and
developments will meet the current expectations and predictions of
the Company is uncertain. 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, the Company's
price forecast, mergers, acquisitions and divestments activities,
HSSE and insurance policies and changes in anti-corruption,
anti-fraud, anti-money laundering and corporate
governance laws and regulations.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
*** *** *** ***
For further enquiries, please contact:
Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited
