Chinese oil and gas producer CNOOC Ltd. on Jan. 13 said it is targeting net oil production of 520 million barrels of oil equivalent to 530 million boe for 2020, of which 64% would be produced in China and 36% overseas.

CNOOC anticipates its 2021 and 2022 production to be approximately 555 million boe and 590 million boe, respectively, according to a news release. The company expects its 2019 production was approximately 503 million boe.

The oil and gas producer also set its total capital expenditure for the year at 85 billion yuan to 95 billion yuan. Of the total capital expenditure, 20% will be dedicated to exploration, 58% to development, 20% to production and 2% to other projects, according to the release.

For 2020, CNOOC said it expects 10 new projects to enter into service and plans to drill 227 exploration wells.

As of Jan. 10, US$1 was equivalent to 6.92 Chinese yuan.