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China National Offshore Oil Co. (CNOOC) increased its domestic oil production by 9.5% to 852,000 b/d last year, prompting Chairman Wang Dongjin to declare that the company had become the "main source of oil growth in China." The company noted that its Bohai Bay cluster became China's largest producing oil field in 2021, with output of 605,000 b/d, placing it ahead of PetroChina's Daqing oil field, which had been China's biggest since the 1960s. PetroChina remains the country's largest overall producer while CNOOC ranks second. China's government — which holds controlling stakes in the country's top oil and gas companies — has set a target of holding the country's domestic oil production steady at 4 million b/d through 2025. CNOOC is aiming to increase the share of gas from 21% of its overall output in 2020 to 30% by 2025 and 50% by 2035. But oil accounted for 79% of its 1.57 million boe/d of output in 2021, leaving the share of gas at 21%. CNOOC has set itself a production target of 2 million boe/d by 2025 and is planning capital spending of about 100 billion yuan ($15.75 billion) per year through 2025 in pursuit of that goal. "I don’t think this will be impacted by short-term price volatility," said CFO Xie Weizhi.

Corporate Strategy , Capital Spending
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