China’s CNOOC Ltd 0883.HK, 600938.SS has set its 2023 production target at a record 650 million to 660 million barrels of oil equivalent (boe), about 8% above last year’s goal.

The state-controlled offshore oil and gas company produced about 620 million boe last year, exceeding its goal of 600-610 million boe, CNOOC said on Wednesday in a filing to the Hong Kong Stock Exchange outlining its annual strategic outlook.

CNOOC plans capital spending this year of 100 billion to 110 billion yuan ($16 billion), compared with last year’s 100 billion yuan.

The company expects to launch production at nine new projects this year, including domestic fields Bozhong 19-6 in the Bohai Bay basin and Lufeng 12-3 in the Pearl River Mouth basin, and global projects like Mero 2 in Brazil and Payara in Guyana.
Source: Reuters (Reporting by Chen Aizhu Editing by Mark Potter)