For 2025, the company lowered its production outlook and said it would keep capital expenditure at 2024 levels, but going forward, it said there were more record-breaking plans in production for the next two years. In 2025, the capital expenditure for exploration in China will mainly be directed to sustain crude oil reserves while expanding natural gas reserves, led by the construction of the three trillion-cubic-meters-level gas regions, CNOOC said in January, as it continues to follow China’s directive to state majors to boost domestic oil and gas reserves and supply.
