China's CNOOC Reports Record Profit, Output for 2021

Wednesday, March 30, 2022

China's CNOOC Ltd posted record annual net profit for 2021, with earnings nearly tripled from 2020, supported by rapidly rebounding oil and gas prices as global energy demand recovered from the pandemic.

The state-controlled offshore oil and gas specialist posted a net profit of 70.32 billion yuan ($11.08 billion), versus 24.96 billion yuan in 2020, according to a company filing to the Hong Kong Stock Exchange on Thursday.

Total oil and gas output was also a record at 573 million barrels of oil equivalent, up 8.5% on year.

Under Beijing's call to maintain domestic crude oil output at 4 million bpd or some 30% of national consumption, CNOOC recorded fastest growth in domestic oil production among state energy giants.

One of the industry's lowest-cost explorers and producers, CNOOC's all-in production cost rose to $29.49 a barrel last year from $26.34 in 2020.
Capital expenditure was up 11.6% at 88.73 billion yuan, below a target of 90-100 billion yuan.

CNOOC said earlier on Wednesday it won final approval from the China Securities Regulatory Commission for a planned 35 billion yuan ($5.52 billion) A-share listing to fund global and domestic oil and gas projects.

The company's HK-listed shares have gained 37% so far this year. 


($1 = 6.3462 Chinese yuan renminbi)

(Reuters)

Categories: People & Company News Industry News Finance Production Asia China

Related Stories

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Turkey Discovers New Black Sea Gas Reserve

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CNOOC Starts Production at Two New Oil and Gas Projects

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

Current News

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com