China's CNOOC Ltd , has raised its 2023 production target by around 8% to a record 650 million to 660 million barrels of oil equivalent (boe), it said on Wednesday.
, has raised its 2023 production target by around 8% to a record 650 million to 660 million barrels of oil equivalent , it said on Wednesday.
CNOOC is aiming for 6% average annual production growth by 2025 when output is forecast to hit 2 million boe a day, Chief Executive Officer Zhou Xinhuai told reporters following the release. CNOOC has made a "good discovery" of natural gas in Gabon and is pushing for more condensate and gas development in Guyana, Zhou added. He did not elaborate.
CNOOC said it expects to launch production at nine new projects this year, including domestic fields Bozhong 19-6 in the Bohai Bay basin and Lufeng 12-3 in the Pearl River Mouth basin, and global projects like Mero 2 in Brazil and Payara in Guyana.One of the industry's lowest-cost producers, CNOOC has in recent years become the top contributor to national crude oil production where state oil majors strive to boost production in answer to Beijing's call for supply security.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's airlines launch new routes for 2023The day has come: China has reopened its borders to some travelers for the first time since the onset of the coronavirus pandemic in early 2020.
Read more »
PBOC to cut RRR And LPR in 2023 – China Securities JournalThe People’s Bank of China (PBOC) is seen cutting the reserve requirement ratio (RRR) and the over-five-year Loan Prime Rate (LPR) further in 2023, “a
Read more »
Walmart Is the Most Trusted Grocery Store in America in 2023BrandSpark International just released the results of a survey that reveals the most-trusted grocery store in America.
Read more »
The Playbook: Five tips to combat 2023's top challenges - San Francisco Business TimesAs we ease into the new year, we explored key questions, challenges and opportunities facing small businesses in 2023. Here are best practices for tackling five of them.
Read more »
EU's Gentiloni: Eurozone GDP fall at start of 2023 to be less deep than fearedEuropean Economic Affairs Commissioner Paolo Gentiloni said in an interview with the Italian newspaper Il Sole 24 Ore on Tuesday, he expects Eurozone
Read more »
The Playbook: Five tips to combat 2023's top challenges - Jacksonville Business JournalAs we ease into the new year, we explored key questions, challenges and opportunities facing small businesses in 2023. Here are best practices for tackling five of them.
Read more »