Key insights
- CNOOC plans to increase domestic oil and gas production by 2030. While this signals increased energy supply from China, the impact on US equities is slightly negative. Increased supply from CNOOC could put downward pressure on global oil prices, indirectly affecting US energy companies' revenues. The effect is limited as CNOOC's influence on US markets is not direct.
Investing.com -- CNOOC may increase its domestic crude oil production to 65-70 million metric tons annually by 2030, up from the current 61 million tons, a company executive said at a results briefing on Thursday.
The company’s domestic natural gas output is likely to exceed 40 billion cubic meters per year by 2030, up from 30 billion cubic meters now, senior vice president Yan Hongtao told the meeting.
CNOOC is still finalizing its output plan for 2026 through 2030, Yan said.
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