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    CNOOC expects 2022 output to be 600-610mn boe


The Chinese state-owned company's output in 2021 is expected to be 570mn boe.

by: Shardul Sharma

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CNOOC expects 2022 output to be 600-610mn boe

Chinese state-owned oil and gas producer CNOOC expects its 2022 production to be in the range of 600mn to 610mn barrels of oil equivalent (boe), up from 2021 output of 570mn boe, it said on January 11.

The company’s total capital expenditure for 2022 is budgeted at 90bn ($14.15bn) to 100bn yuan. The share of exploration, development, production and others will account for approximately 20%, 57%, 21% and 2% of the total capital expenditure, respectively.

In 2022, CNOOC plans to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells.

The company’s net production for 2023 and 2024 is estimated to be 640mn to 650mn boe and 680mn to 690mn boe, respectively.