Chinese oil and gas company CNOOC Limited (China National Offshore Oil Corporation) has released its results for the third quarter of 2024, confirming steady growth in production and net profit. In the first nine months of the year, CNOOC recorded a net production of 542.1 million barrels of oil equivalent (BOE), an 8.5% increase compared to the same period last year.
Increased Production in China and Abroad
In China, production rose by 6.8% year-on-year, reaching 369.2 million BOE. This growth is largely attributable to the Bozhong 19-6 and Enping 20-4 oil and gas fields. Internationally, net production also surged by 12.2%, reaching 172.9 million BOE. This growth was primarily due to the Payara project in Guyana, which significantly contributed to the company’s performance.
Successful Explorations and New Discoveries
In exploration, CNOOC made nine new discoveries and successfully assessed 23 oil- and gas-bearing structures. The discovery of Wenchang 10-3 East, in particular, in China’s offshore region, revealed promising exploration prospects for medium-to-deep gas deposits in the Pearl River Mouth Basin. Additionally, the newly appraised Caofeidian 23-6 field could become a large-scale oilfield.
Launch of New Projects
Seven new development projects, including Bozhong 19-2 and the Shenhai-1 Phase II natural gas development project, successfully commenced production. Other projects are also progressing on schedule, allowing CNOOC to sustain its growth rate.
Financial Results and Cost Control
On the financial front, the company achieved a net profit of RMB 116.66 billion for the first three quarters, up 19.5% from 2023. Oil and gas revenue reached RMB 271.43 billion, marking a 13.9% increase. At the same time, CNOOC successfully maintained its all-in cost at a stable level of USD 28.14 per BOE.
Commitment to Safety and Environment
CNOOC’s performance was not limited to economic achievements. The company also demonstrated strong resilience to Typhoons “Yagi” and “Bebinca” due to robust safety and environmental protocols, ensuring continuity of its offshore operations.
Outlook for the Fourth Quarter
CNOOC Limited’s CEO Zhou Xinhuai highlighted the company’s commitment to achieving its annual targets, despite global volatility. The company plans to continue efforts to maintain its level of production and complete ongoing projects until the end of the year.
