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China's CNOOC Targeting 28% Oil Output Increase by 2025

OIL

Chinese oil company CNOOC expects its annual domestic crude oil production to reach 1.2 million barrels per day by 2025, 28% above its current level it said on its earnings call.

  • CNOOC is also aiming for its domestic natural gas output to reach 35 billion cubic meters by 2025. The company did not offer a comparison to current levels.
  • CNOOC has a medium-term goal to boost its natural gas to 35% of total production by 2025 from 21% at present.

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