HONG KONG (dpa-AFX) - CNOOC Limited (CEO, CNU.TO) on Thursday announced its
business strategy and development plan for the year 2024, expecting increased
production.

The company said it continues to increase reserves and production, and maintains
strong growth of production volume as global oil and gas demands grow steadily.

In 2024, net production target is 700 million to 720 million barrels of oil
equivalent or BOE, of which, production from China and overseas accounts for
approximately 69 percent and 31 percent, respectively.

In 2023, net production is estimated to be around 675 million BOE.

Further ahead, net production target is 780 million to 800 million BOE in 2025,
and 810 million to 830 million BOE in 2026.

According to the firm, the production growth is attributable to strong pipeline
of new projects and sufficient capital investment.

Total capital expenditure for 2024 is budgeted at RMB 125 billion to RMB 135
billion. In this, capital expenditures for exploration, development and
production will account for approximately 16 percent, 63 percent and 19 percent
of the total, respectively.

In 2023, the Company is expected to record capital expenditures at approximately
RMB 128 billion.

In 2024, the exploration workload will remain at a high level, and multiple
high-quality projects will be brought on stream.

Green power substitution will be expedited and green electricity consumption is
expected to exceed 700 million kWh in 2024.

Further, subject to the approval by the general meeting of shareholders on the
proposed dividends for each year, from 2022 to 2024, the annual payout ratio
will be no less than 40 percent and the absolute dividend is expected to be no
less than HK$ 0.70/share.

Zhou Xinhuai, CEO and President of the Company, said, '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...'

In Hong Kong, CNOOC shares closed today's regular trading at HK$14.44, up 4.8
percent.



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