China’s CNOOC Lowers Output Growth Target as It Keeps 2025 Capex Flat

Chinese state-held oil and gas giant CNOOC is keeping its capital expenditure flat this year compared to 2024 as it lowered its oil and gas production growth target, although it still expects annual output records going forward. CNOOC, which specializes in offshore oil and gas developments in China and internationally, said on Wednesday that its net oil and gas production was about 720 million barrels of oil equivalent (boe) for 2024—setting a record high for the sixth consecutive year. The company’s capital expenditure will remain…