China's CNOOC Aims for Record Oil and Gas Production in 2025

Chinese state oil and gas company CNOOC has set its 2025 production target at a record high, between 5.6% and 8.3% above 2024's output.

The offshore oil and gas specialist pumped about 720 million barrels of oil equivalent (boe) in 2024, meeting the high end of its target, CNOOC said in a statement outlining its annual strategic outlook on Wednesday.

That was up 6.7% from 2023's 675 million boe.

CNOOC said it was targeting net production at between 760 million and 780 million boe for 2025, and 780 million to 800 million boe for 2026.

That is slightly lower than the company's guidance a year ago for 780 million to 800 million boe for 2025 and 810 million to 830 million boe in 2026.

Under the latest guidance, the goal for 2027 is 810-830 million boe.

Chief Executive Officer Zhou Xinhuai told analysts and reporters in Hong Kong that the tweak partly reflected the company's divestment of Gulf of Mexico assets announced in December.

CNOOC aims to maintain a "prudent and stable" production plan after years of strong growth, Zhou added.

For this year's production, offshore China and overseas will account for about 69% and 31% respectively, CNOOC said.

The company