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The China National Offshore Oil Corporation (CNOOC) has announced its three-quarter results for 2024, showcasing a remarkable 19.5% increase in net profit attributable to equity shareholders, reaching 116.66bn yuan ($16.34bn).
The company reported record highs in both net production and profit during the first nine months of the year, driven by strong operational efficiency and cost control.
Despite flat Brent oil prices year-on-year, the company's oil and gas revenue rose to 271.43bn yuan, a 13.9% increase.
CNOOC maintained its all-in cost at $28.14, consistent with the previous year, while capital expenditures grew 6.6% to 95.34bn yuan.
Net production for the period reached 542.1 million barrels of oil equivalent (BOE), an 8.5% year-on-year increase. Production from domestic fields grew by 6.8% to 369.2 million BOE, bolstered by key projects such as Bozhong 19-6 and Enping 20-4.
Overseas production surged by 12.2% to 172.9 million BOE, largely due to contributions from the Payara project in Guyana.
CNOOC made nine new exploration discoveries and successfully appraised 23 oil and gas structures, highlighting promising prospects in the Pearl River Mouth Basin.
The company also commenced production on seven new oilfield projects.
CNOOC emphasised its commitment to health, safety, and environmental standards, effectively managing operations during Typhoons Yagi and Bebinca through robust safety protocols.
CNOOC president and CEO Zhou Xinhuai stated: "In the first three quarters, despite the volatile external environment, the staff of CNOOC Limited remained committed to their responsibilities and worked diligently to achieve record high net production and net profit for the same period in history. In the fourth quarter, we will continue to focus on the annual target and strive to accomplish the production and operation tasks for the whole year."
In October 2024, CNOOC's wholly owned subsidiary, CNOOC Petroleum Brasil, announced the signing of four concession contracts for offshore exploration blocks in Brazil.
"CNOOC reports 19.5% net profit growth in ¾ results 2024" was originally created and published by Offshore Technology, a GlobalData owned brand.
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