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OIL: Cnooc Revise 2025 Output Target Lower

OIL
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Cnooc targeting 760-780m boe output in 2025, slightly lower than 800m boe previously announced, owing to asset disposals and amidst ‘changes in the market’, Bloomberg reports.

  • The company is targeting production of 780 to 800m boe in 2026 (previously reported as high as 830m boe) and 810 to 830m boe in 2027.
  • Asset disposals, including in the US GoM (INEOS acquired Cnooc’s US Gulf assets in Dec-24), and ‘changes in the market’ have led Cnooc to revise down its 2025 output target
  • CEO Zhou Xinhuai: “Supply has increased a lot already, and we need a more sound and steady strategy to achieve our objectives”
  • Cnooc has been caught up in worsening political tensions with the US, having been added to the Pentagon’s blacklist of companies earlier this month.
  • Cnooc will hold CAPEX steady at 125 billion - 135 billion yuan ($17.2-$18.5 billion), following spending of 132 billion yuan in 2024
  • Xinhuai suggested that an oil price between $65-85/bbl would support CAPEX of 100 billion – 135 billion yuan a year, in more general terms.
  • China’s Cnooc output 720m boe in 2024, at the top end of its f 700-720m boe target, and reflecting a 6th straight year of record output.
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Cnooc targeting 760-780m boe output in 2025, slightly lower than 800m boe previously announced, owing to asset disposals and amidst ‘changes in the market’, Bloomberg reports.

  • The company is targeting production of 780 to 800m boe in 2026 (previously reported as high as 830m boe) and 810 to 830m boe in 2027.
  • Asset disposals, including in the US GoM (INEOS acquired Cnooc’s US Gulf assets in Dec-24), and ‘changes in the market’ have led Cnooc to revise down its 2025 output target
  • CEO Zhou Xinhuai: “Supply has increased a lot already, and we need a more sound and steady strategy to achieve our objectives”
  • Cnooc has been caught up in worsening political tensions with the US, having been added to the Pentagon’s blacklist of companies earlier this month.
  • Cnooc will hold CAPEX steady at 125 billion - 135 billion yuan ($17.2-$18.5 billion), following spending of 132 billion yuan in 2024
  • Xinhuai suggested that an oil price between $65-85/bbl would support CAPEX of 100 billion – 135 billion yuan a year, in more general terms.
  • China’s Cnooc output 720m boe in 2024, at the top end of its f 700-720m boe target, and reflecting a 6th straight year of record output.