China’s CNOOC sets 2022 production target 10% above last year’s goal

China’s CNOOC sets 2022 production target 10% above last year’s goal

BEIJING- China's biggest offshore oil and gas producer, CNOOC Ltd , on Tuesday set its 2022 production target at 600 million-610 million barrels of oil equivalent (boe), 10% above last year's goal. The company targeted output of 545 million-555 million boe in 2021, though it expects to have beaten that, churning out an estimated 570 million boe last year. It set its 2022 production goal last year at 590 million-600 million boe. China has pledged to achieve peak carbon emissions by 2030 and carbon neutrality before 2060, but said energy security must be considered amid those efforts. CNOOC is one of the industry's lowest-cost explorers and producers, with all-in production costs at $28.98 per barrel as of the first half of 2021. The company plans to hold its capital spending for 2022 steady from a year ago at 90 billion-100 billion yuan ($15.70 billion). That compares to a record set in 2014 of 105 billion-120 billion yuan. The offshore specialist has become the largest contributor to the rise in domestic Chinese oil production, making up 80% of the total national increase in 2020, state media reported. Its Bohai oil cluster off north China has overtaken Daqing to become the country's