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

China National Offshore Oil Company (CNOOC) has posted an 11.4% net profit growth in 2024, marking a record year of oil and gas production, which has been increased by 7% compared to a year earlier.

In 2024, CNOOC recorded a net oil and gas production of 726.8 million barrels of oil equivalent (BOE), a YoY increase of 7.2%.

The company reported the net profit attributable to equity shareholders reached $18.99 billion (137.9 billion yuan), up by 11.4% from 2023 results

In China, thanks to the contributions from Bozhong 19-6 oilfield and other oil and gas fields, net production rose by 5.6% YoY. Overseas, the commissioning of projects including Payara project in Guyana drove the net production to surge by 10.8% YoY.

According to the company, 11 oil and gas discoveries were made throughout the year and 30 oil and gas structures were successfully appraised. By the end of 2024, the net proved reserves reached 7.27 billion BOE, up by 7.2% YoY.

The reserve life of the company remained at 10 years. In China, multiple discoveries were made under the guidance of the exploration theories, including Longkou 7-1, Qinhuangdao 29-6, Huizhou 19-6, and Lingshui 36-1.

Overseas, the company expanded its global exploration footprint along the Atlantic rim and the ‘Belt and Road’ countries. This year, CNOOC Limited was awarded petroleum contracts for 10 exploration blocks in Mozambique, Brazil and Iraq.

CNOOC accelerated the development of new quality productive forces, which had remarkably enhanced its operational efficiency. Asia’s first cylindrical FPSO, Haikui-1, and Asia’s tallest deepwater jacket platform, Haiji-2, were put into operation. This combination created a new model for deepwater oil and gas fields development, and enabled efficient and cost-effective extraction of oil and gas resources.

“In 2024, we drove reserve and production growth through technological innovations, solidified our development foundation with cost advantages, and rewarded shareholders’ trust with stable dividends. Looking ahead, CNOOC will continue to increase reserve and production, enhance quality and efficiency, deliver tangible results to better reward shareholders, and to write a new chapter of high-quality development,” said Wang Dongjin, Chairman of CNOOC.

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