China’s Oil Giant CNOOC Raises Output and Capex Targets to Record Highs

China’s state-held oil and gas giant CNOOC Limited hiked on Thursday its oil and gas production targets and capital expenditures to record-high levels as it looks to boost reserves and production. CNOOC, whose net oil and gas production hit an all-time high of 675 million barrels of oil equivalent (boe) in 2023, now aims at an output of between 700 million and 720 million barrels of oil equivalent this year as it significantly raised its production targets in the 2024 business strategy and development plan. Of the targeted production levels…