China's CNNOC has announced an offshore oil discovery that could contain as much as 100 million tons of oil equivalent.
China’s
whose net oil and gas production hit an all-time high of 675 million barrels of oil equivalent 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. The new discovery will help the company achieve its targets as new output from such discoveries offset declining production from older fields onshore.
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