Chinese Oil Giant CNOOC Reveals Multibillion-Dollar Business Strategy for 2025

China National Offshore Oil Corporation (CNOOC), the state-owned oil and gas behemoth, has unveiled its ambitious business strategy and development plan for 2025. The plan encompasses a wide range of initiatives aimed at boosting hydrocarbon production, expanding green energy projects, leveraging artificial intelligence (AI) in operations, and driving sustainable growth.

Capital Expenditure and Production Targets

As part of its ‘2025 Business Strategy and Development Plan,’ CNOOC has allocated a capital expenditure budget of RMB 125 to RMB 135 billion for the year. The company expects its daily net production to surpass 2 million barrels of oil equivalent (boe) in 2025, with a net production target of 760 to 780 million boe. The firm aims to achieve a net production of 780 to 800 million boe in 2026 and 810 to 830 million boe in 2027.

Focus on Oil & Gas Exploration

CNOOC is focused on exploring large and medium-sized oil and gas fields to bolster its reserves and production growth. The company plans to invest in exploration activities in China to enhance crude oil and natural gas reserves, while also eyeing opportunities in overseas markets, including the Atlantic Ocean rim and ‘Belt and Road’ countries.

The firm will launch new projects such as the Bozhong 26-6 and Kenli 10-2 oilfield developments in China, and participate in key projects like ExxonMobil’s Yellowtail in Guyana and Petrobras’ Buzios 7 in Brazil. Additionally, CNOOC will prioritize technological innovation and green development to drive sustainable practices.

Green Energy Transition and Technological Innovation

CNOOC aims to expand its offshore wind power and onshore solar projects to increase green electricity consumption. The company plans to exceed 1 billion kWh of green electricity usage in 2025, with a 30% year-on-year increase. By incorporating AI and digital intelligence technologies, CNOOC intends to build intelligent oil and gas fields for efficient operations.

The firm is also committed to addressing climate change challenges through carbon capture and storage initiatives. Furthermore, CNOOC emphasizes shareholder returns, with an annual dividend payout ratio of no less than 45% from 2025 to 2027.

CEO’s Statement

Zhou Xinhuai, CEO of CNOOC, expressed confidence in the company’s strategic direction, stating, “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.”