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CNOOC Ltd announces its 2022 business strategy and development plan

13 Jan 2022

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CNOOC Limited has announced a summary of its business strategy and development plan for the year 2022.

The Company’s targeted net production for 2022 is 600 million to 610 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approx. 69% and 31%, respectively. The Company’s net production for 2021 is expected to be approx. 570 million BOE. The Company’s net production for 2023 and 2024 are estimated to be 640 million to 650 million BOE and 680 million to 690 million BOE, respectively.

The Company’s total capital expenditure for 2022 is budgeted at RMB 90 billion to RMB 100 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 57%, 21% and 2% of the total capital expenditure, respectively.

In 2022, the Company plans to drill 227 offshore exploration wells, 132 onshore unconventional exploration wells, and acquire approx. 17 thousand sq kms 3-Dimensional (3D) seismic data.

In 2022, 13 new projects are expected to come on stream, mainly including Bozhong 29-6 oilfield development, the development of Kenli 6-1 oilfield Block 5-1, 5-2, 6-1, Enping 15-1/10-2/15-2/20-4 oilfields joint development and Shenfu South gas field development in China, Liza Phase II in Guyana and 3M (MDA, MBH, MAC) project in Indonesia.

To ensure shareholders’ return, subject to the approval by the general meeting of shareholders on the proposed dividends for each year, from 2022 to 2024, the expected annual payout ratio of the Company will be no less than 40% and the annual absolute dividend is expected to be no less than HK$ 0.70/share (tax inclusive). Given that 2021 is the 20th anniversary of the Company's listing, the Company plans to pay a 20th anniversary special dividend in addition to the 2021 year-end regular dividend. In 2022, the Company will appropriately implement the share buybacks subject to the authorization granted at the general meeting of shareholders.

Mr. Xu Keqiang, CEO of the Company, said, 'In 2022, we will continue to give priority to profit generation, strive to increase oil and gas reserves and production and promote the green energy transition initiatives. While enhancing our capability to create more values, we will implement more stable and transparent dividend policy to share the achievements of the Company with shareholders and ensure that they receive reasonable returns.'

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Source: CNOOC Ltd

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