CNOOC Limited has announced its 2025 Business Strategy and Development Plan, targeting continued growth and high-quality development. CNOOC’s Guyana subsidiary – CNOOC Petroleum Guyana Limited – holds a 25% working interest in the offshore Stabroek Block, alongside ExxonMobil and Hess.
The company aims to exceed two million barrels of oil equivalent (boe) in daily net production. Its 2025 net production target is set at 760-780 million boe, increasing to 780-800 million boe in 2026 and 810-830 million boe in 2027.
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CNOOC said this would be “six consecutive years of record highs”, with 2024’s production estimated at 720 million boe.
According to CNOOC’s report, its capital expenditure for 2025 is budgeted at RMB 125-135 billion, maintaining 2024’s level of approximately RMB 132 billion. Funds will prioritize exploration (16%), development (61%), and production (20%).
Key focus areas include expanding natural gas reserves in China and exploring the Atlantic Ocean rim and ‘Belt and Road’ countries, including Guyana. Drilling in Guyana and Nigeria, and seismic surveys in Mozambique and Iraq are also planned, the company reported.
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CNOOC’s major projects slated for 2025 include Bozhong 26-6 and Kenli 10-2 oilfields in China, the Yellowtail project in Guyana, and the Buzios7 Project in Brazil. The company will integrate exploration and development to accelerate the conversion of reserves into production.
CNOOC will also advance technological innovation and green development. It plans to expand offshore wind power, develop onshore photovoltaic projects, and increase green electricity consumption by 30% to exceed 1 billion kWh in 2025. The company will also incorporate carbon pricing into investment evaluations and continue pilot projects in carbon capture and storage (CCS/CCUS).
Chief Executive Officer Zhou Xinhuai stated, “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.”
Environmental, social, and governance (ESG) remain core to CNOOC’s strategy. Initiatives include green development, emission reduction, public welfare participation, and strengthening corporate governance.
