CNOOC’s net production and net profit achieved strong growth in the first quarter of 2024, with net profit attributable to the parent company of 39.7 billion yuan

CNOOC\’s operating results for the first quarter of 2024 announced on April 25 showed that in the first quarter, the company continued to increase its efforts in oil and gas exploration and development, solidly promoted quality and efficiency improvements, and consolidated its cost competitiveness. Net oil and gas production and net profit attributable to parent companies achieved strong growth, with both data hitting record highs for the same period in history.

CNOOC\’s operating results for the first quarter of 2024 announced on April 25 showed that in the first quarter, the company continued to increase its efforts in oil and gas exploration and development, solidly promoted quality and efficiency improvements, and consolidated its cost competitiveness.

Net oil and gas production and net profit attributable to parent companies achieved strong growth, with both data hitting record highs for the same period in history.

During the period, CNOOC achieved net production of 180.1 million barrels of oil equivalent, a year-on-year increase of 9.9%.

Among them, China\’s net production was 123.2 million barrels of oil equivalent, a year-on-year increase of 6.9%, mainly due to the production contribution from the commissioning of new projects; overseas net production was 56.9 million barrels of oil equivalent, a year-on-year increase of 16.9%, mainly due to Guyana and Canada Production increases.

During the reporting period, the company made 2 new discoveries and successfully evaluated 4 oil and gas structures.

Among them, Bozhong 8-3 South was successfully evaluated in Chinese waters, opening up a new field of offshore ultra-deep oil and gas exploration.

Overseas, the newly discovered Bluefin was discovered in the Stabroek block in Guyana, further expanding the reserve scale in the southeastern part of the block.

During the period, the secondary adjustment and development project of the Suizhong 36-1/Lvda 5-2 oil field was successfully put into production, and key new projects such as Shenhai No. 1 and Phase II were smoothly advanced.

In the first quarter of 2024, despite the year-on-year decline in international oil prices, CNOOC achieved a net profit of 39.7 billion yuan attributable to shareholders of the parent company, a year-on-year increase of 23.7%, and its value creation capabilities continued to improve.

The company\’s main cost per barrel of oil was US$27.59, a year-on-year decrease of 2.2%.

In addition, the company\’s capital expenditure was approximately RMB 29 billion, a year-on-year increase of 17.3%, mainly due to the year-on-year increase in the workload of projects under construction and adjustment wells.

Zhou Xinhuai, CEO and President of CNOOC, said: “In the first quarter, CNOOC’s exploration continued to make breakthroughs, oil and gas production maintained strong growth, and net profit reached the best level in the same period in history.

We will unswervingly anchor the production and operation targets for the whole year, continue to solidly promote the increase of reserves and production, deepen lean management, and make every effort to promote the high-quality development of CNOOC to a new level.

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