Chinese Oil Major Eyes Significant Output Boost ...Middle East

OILPRICE - Economy
Chinese Oil Major Eyes Significant Output Boost
source : OILPRICE ( Middle East ) () 36
China’s offshore oil major CNOOC plans to increase its production by 12% over the next two years, to between 730 and 740 million barrels of oil equivalent. For context, this year CNOOC expects production of between 650 million and 660 million barrels of oil equivalent, Upstream reported. The news comes on the heels of CNOOC’s latest financial report, which showed the company had doubled its net profit in 2022, boasting an average realized price for its oil of $96.59 per barrel. This was 42.3% higher than the average realized price for…

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