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The Chinese Giant CNOOC Intensifies Oil And Gas Production And Expands Natural Gas Exploration, Maintaining Focus On Energy Transition. Replaces Traditional Energy With Green Sources To Reduce Carbon Footprint.
CNOOC is preparing to achieve a series of ambitious goals in the coming years, according to its Strategy and Business Development Plan for 2024. In response to the increasing demand for energy, the Chinese oil and gas giant plans to boost oil and gas production, strengthen its hydrocarbon reserves, and expand its natural gas exploration activities, while continuing its transition to renewable and low-carbon energy through the development of green sources, such as offshore wind energy and oil and gas.
The CNOOC Limited, also known as the Chinese Giant in oil and gas, is outlining ambitious plans for the coming years. In addition to expanding its natural gas exploration operations, the company aims to reinforce its hydrocarbon reserves and increase its oil and gas production to meet the rising energy demand. Furthermore, the company is focused on its transition to renewable and low-carbon energies, such as offshore wind power, as part of its business development strategy for 2024.
CNOOC Limited: Development Strategy And Production Goals
The summary of CNOOC’s business strategy and development plan for 2024 shows the company’s determination to continue increasing reserves and production. To this end, the company’s net production goal is between 700 million to 720 million barrels of oil equivalent (boe) in 2024, with production from China and abroad representing approximately 69% and 31%, respectively.
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Renewable Energy and Integrated Development
Additionally, CNOOC’s net production goal is between 780 million to 800 million boe in 2025 and between 810 million to 830 million boe in 2026. The net production for 2023 is estimated at around 675 million boe, setting records for five consecutive years. The company states that the growth in its production can be attributed to a strong pipeline of new projects and sufficient capital investments.
Chinese Giant: Investments And Production Projections
Zhou Xinhuai, CEO and Chairman of CNOOC, commented: ‘Next year, CNOOC Limited will have high goals, keeping our feet on the ground. We will implement the three main programs for increasing reserves and production, technological innovation and green development, and we will advance with the quality and efficiency improvement initiative in order to establish a solid foundation for development and enhance value creation capabilities.’
Hydrocarbon Reserves and International Expansion
Although the total capital expenditures of the Chinese giant for 2024 are budgeted at 125 billion RMB (nearly US$ 17.63 billion) to 135 billion RMB (over US$ 19 billion), capital expenditures for exploration, development, and production will represent approximately 16%, 63%, and 19% of the total, respectively. The company is expected to register capital expenditures of around 128 billion RMB (over US$ 18 billion) for 2023.
CNOOC: Gas Exploration And New Projects
As CNOOC continues to strive to seek large and medium-sized oil and gas fields and strengthen its resource base to increase reserves and production, the exploration workload is expected to remain at a high level in 2024. In line with this, the Chinese company will intensify its efforts in natural gas exploration and drive the construction of gas regions with a level of three trillion cubic meters in the South China Sea, Bohai Sea, and inland China, respectively.
CNOOC Project: Development And International Expansion
Last year, the company made new exploration discoveries with a proven local volume of over 100 million tons boe in the Bohai Sea and deep waters of the South China Sea, achieving a local volume discovery of 100 million tons for five consecutive years. During 2024, it is expected that several high-quality projects will be put into operation.
Sustainable Development: Key Projects And Technologies
Some of CNOOC’s key projects to be launched in China include the development and secondary adjustment project of oil fields Suizhong 36-1/Luda 5-2, the oil field development project Bozhong 19-2, the natural gas development project Shenhai-1 Phase II, the oil field development project Huizhou 26-6, and the deep exploration and development of methane in coal beds Shenfu demonstration project.
Technological Innovation: Exploration And International Development
When it comes to its overseas projects, the company highlighted the Mero 3 project in Brazil as a strong supporter of production growth. CNOOC is committed to leveraging technological innovation to sustain reserves and production growth and empowering high-quality development with key technologies for deepwater exploration, along with ways to sustain and increase the production volume of oil fields.
Carbon Footprint Reduction And Renewable Energy
While building smart oil and gas fields, establishing technological systems, refining digital scenarios, accelerating the construction of unmanned and manned offshore platforms, and speeding up the installation of typhoon mode, the Chinese company is also seeking green development and exploring the industrialization of CCS/CCUS technologies.
Green Development And Sustainability
With the role of CCUS in reducing the carbon footprint of operations at the forefront, a comprehensive assessment of China’s offshore storage potential has been conducted, while an offshore CCUS demonstration center in northern China, leveraging the Bozhong 19-6 gas field, is also planned.
CNOOC explains that it strives to develop differentiated advantages in offshore wind power generation and promotes the integrated development of offshore wind energy and oil and gas production. Therefore, the company’s green energy replacement will be accelerated, and the consumption of green electricity is expected to exceed 700 million kWh in 2024.
Ongoing Projects And Production Expansion
In early January 2024, CNOOC began production of a Phase II oil field development project in the South China Sea. The company also brought several new projects online in 2023. In November 2023, the company started production of a Phase I development project of a condensate gas field in the Bohai Sea.
A few weeks before that, the Chinese giant began production of an oil field in the Bohai Sea. Prior to that, CNOOC started production of another oil field, although in the South China Sea.
Source: © OFF Shore Energy
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