CNOOC Limited announces its operating results for the third quarter of 2024.
In the first three quarters of 2024, CNOOC Limited continued to increase its reserves and production, while effectively controlling costs and enhancing efficiency. Net production and net profit rose remarkably year over year ("YoY"), both hitting record highs for the same period in history.
In the nine months, the Company recorded a net production of 542.1 million barrels of oil equivalent ("BOE"), representing an increase of 8.5% YoY. The net production from China grew by 6.8% YoY to 369.2 million BOE, which was mainly attributable to the production from oil and gas fields including Bozhong 19-6 and Enping 20-4. The net production from overseas rose by 12.2% YoY to 172.9 million BOE, mainly due to the increased production from Payara project in Guyana.
For exploration, the Company made 9 new discoveries and successfully appraised 23 oil and gas-bearing structures. In particular, a new natural gas discovery of Wenchang 10-3 East was made in offshore China, demonstrating good exploration prospects for medium-to-deep plays in the western portion of the Pearl River Mouth Basin; Caofeidian 23-6 was successfully appraised, which is expected to become a large and medium-sized oilfield. For development and production, 7 new projects, including Bozhong 19-2 Oilfield Development Project, Liuhua 11-1/4-1 Oilfield Secondary Development Project and Shenhai-1 Phase II Natural Gas Development Project, have successfully commenced production, while other new projects progressed smoothly.
In the first three quarters, Brent oil prices remained flat year-on-year, whereas the Company realized a significant increase of 19.5% YoY in net profit attributable to equity shareholders, which amounted to RMB 116.66 billion. During the period, the oil and gas revenue of the Company rose to RMB 271.43 billion, a YoY increase of 13.9%. The Company has maintained effective control over all-in cost, which stood at US$28.14 in the first three quarters, remaining flat YoY. In addition, the Company's capital expenditures amounted to approximately RMB95.34 billion, a YoY increase of 6.6%.
During the period, CNOOC Limited maintained stable performance in health, safety and environmental protection. Due to its longstanding attention to safety and environmental protection, coupled with well-developed typhoon prevention protocols and the extensive implementation of the "Typhoon Production" mode, the Company effectively withstood Typhoon "Yagi" and "Bebinca", ensuring steady production and operation of the oil and gas fields.
Mr. Zhou Xinhuai, CEO and President of the Company, said, "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."
