CNOOC Rises 23.7% YoY in Net Profit for Q1 2024

CNOOC Rises 23.7% YoY in Net Profit for Q1 2024

CNOOC Limited has reported its first quarter results of 2024, showcasing progress in oil and gas exploration, development, and operational efficiency.

“In the first quarter, CNOOC Limited continued to make breakthroughs in exploration, obtained strong growth in oil and gas production and achieved its best-ever net profit for the same period in history. We will stay focused on our annual production and operation goals, continue to pursue increase of reserves and production, strengthen lean management, and consolidate the high-quality development of the Company,” said Zhou Xinhuai, CEO and President of CNOOC Limited.

CNOOC’s total net production reached 180.1 million barrels of oil equivalent (mmboe), marking a 9.9% year-on-year (YoY) increase.

Domestic net production in China rose by 6.9% YoY to 123.2 mmboe, primarily driven by newly commissioned projects. Overseas, meanwhile, net production rose by 16.9% YoY to 56.9 mmmboe, driven by production in Guyana and Canada.

The Chinese company achieved 2 new discoveries and successfully appraised 4 oil and gas structures, such as appraisal of Bozhong 8-3 South and the Bluefin discovery at the Stabroek block in Guyana.Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project commenced production. Other major new projects, such as the Shenhai-1 Phase II Natural Gas Development Project, progressed smoothly, CNOOC state in a press release.

CNOOC generated net profit of RMB39.7 billion, representing a YoY growth of 23.7%, showing strong value creation capability despite lower international oil prices.

The all-in cost per boe decreased to US$27.59, down by 2.2% YoY.

Capital expenditures amounted to around RMB29 billion, a 17.3% year-on-year increase, primarily due to increased workloads at projects under construction and adjustment wells.

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