Chinese offshore operator CNOOC Ltd is aiming to increase its oil and gas production by 12% to between 730 million and 740 million barrels of oil equivalent by 2025, from this year’s expected 650 million to 660 million boe.

China’s largest offshore oil and gas producer unveiled the output targets as it announced revenues of 422.2 billion yuan (US$60.3 billion) in 2022, up 72% from 2021, with an annual net profit of almost 142 billion yuan.

The company’s capital expenditure for the year reached 102 billion yuan, of which 20% was for exploration, 60% for development and 20% for production.