China’s national oil company China National Offshore Oil Corporation (CNOOC) has unveiled its total capital expenditure for 2024, budgeted at RMB125bn ($17.6bn) to RMB135bn ($19bn).

The company has allocated around 16% of the total capital expenditures for exploration, 63% for development and 19% for its production operations.

CNOOC announced the capital expenditure figures as part of its business strategy and development plan for 2024.

Its business development plan focuses on increasing reserves and annual production and promoting the integrated development of new energy and oil and gas businesses.

With the global oil and gas demands steadily increasing, the company aims to increase reserves and production and maintain its growth in production volume.

CNOOC targets a net production of 700 million to 720 million barrels of oil equivalent (BOE) in 2024, comprising 69% production from China and the remaining 31% from overseas.

Also, the company targets a net production of 780 million to 800 million BOE in 2025, and 810 million to 830 million BOE in 2026.

In 2023, the company’s net production is estimated to be around 675 million BOE, a record high for five consecutive years, attributable to new projects and adequate capital investment.

CNOOC said it focuses on the efficiency of investment and makes realistic plans for capital expenditure to achieve sustainable development of the oil and gas business.

Last year, the company advanced engineering standardisation, capacity construction, expedited project approvals, and recorded capital expenditures at around RMB128bn.

CNOOC CEO and president Zhou Xinhuai said: “In the coming year, CNOOC Limited will aim high while keeping its feet on the ground.

“We will implement the three key programs of increasing reserves and production, technological innovation and green development, and press ahead with the initiative of quality and efficiency enhancement to lay a solid foundation for development and improve the capability of value creation.”

CNOOC aims to search for large and medium-sized oil and gas fields and continues strengthening the resource base for increasing reserves and production.

It will deepen its efforts in natural gas exploration and advance the construction of three high-level gas regions, including the South China Sea, the Bohai Sea and onshore China.

Last year, the company made discoveries with a proven volume of more than 100 million tons of BOE in the Bohai Sea and deepwater South China Sea.

This year, CNOOC plans to bring multiple high-quality projects on stream, including Suizhong 36-1/Luda 5-2 Oilfield, Bozhong 19-2 Oilfield, Shenhai-1 Phase II, Huizhou 26-6 Oilfield and Shenfu Deep-play Coalbed Methane projects.

Furthermore, the company continues to leverage technological advancements to sustain reserves and production growth and ensure its high-quality development.