Aug 29 Reuters China39;s CNOOC Ltd, believes fossil fuel will be a stabilising factor in global energy demand for the foreseeable future, as the offshore oil and gas major sets a record output target for 2024, its executives said on Thursday.

The staterun company aimed to pump 700 million to 720 million barrels of oil equivalent for 2024, or 3 to 6 above the level of last year, CNOOC told an earnings briefing after posting a record interim profit.

CNOOC expects domestic natural gas production to maintain strong growth through 2030 and stands ready to monetise vast gas resources in Guyana, Chief Executive Zhou Xinhuai told the briefing.

The company is part of the Exxon Mobilled Stabroek offshore Guyana joint venture that has discovered some 11.6 billion barrels in oil and gas so far.

A recent award to develop Block 7 in Iraq could lead to a new large discovery, although the company will first need sufficient appraisals to understand its reserve potential, Zhou added.

CNOOC will maintain our high standards in picking new assets globally, Zhou said.

On new energy, Zhou said the company would focus on investing in projects that offer the best cost advantages, for example the commissioning of the world39;s first 5megawatt offshore hightemperature flue gas waste heat power plant.

CNOOC said it expected oil prices to keep in a range of 75 to 85 a barrel for the second half of 2024. It targets annual capital expenditure at 125 billion yuan to 135 billion yuan 18 billion…