CNOOC Walks Fine Line Between Policy and Profits

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  • CNOOC Ltd. could spend a record amount of money this year; the lion's share will go to the Chinese upstream, but most production growth will come from overseas.
  • Raising oil output may take precedence over the energy transition as prices remain high and China focuses on boosting its economy after ending its "zero-Covid" policy.
  • The commissioning of new oil projects could jeopardize CNOOC's target to sharply increase the share of natural gas in its production mix.

The Issue

Capital Spending, Corporate Strategy , Upstream Projects, Offshore Oil and Gas
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