AsianOil: CNOOC enjoys record profit and production in 9M 2024

CNOOC achieved record high profit and production in the first nine months of this year, the Chinese state offshore oil and gas operator reported on October 28, buoyed by output growth at the Payara project in Guyana.

Net profit attributable to equity shareholders came to CNY116.7bn ($16.4bn), up 19.5% year on year, on the back of a 13.9% increase in revenue to CNY271.4bn. Oil and gas production rose by 8.5% to 1.99mn barrels of oil equivalent per day, with domestic extraction increasing by 6.8% to 1.35mn boepd, outpaced by a 12.2% growth in overseas output to 633,000 boepd. 

The company’s capital expenditure was up 6.6% at CNY95.34bn. 

“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,” company CEO Zhou Xinhuai said in a statement. “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.”

Domestic production was supported by increased contributions from the Bozhong 19-6 field in the Bohai Bay and the Enping 20-4 deposit in the South China Sea. Overseas, CNOOC primarily gained from the Payara field at Guyana’s prolific offshore Stabroek oil block. Payara came on stream in November 2023, and is on track to flow 220,000 barrels per day by early 2025. CNOOC has a 25% interest in Stabroek, operated by ExxonMobil. The block, which now has three fields in production, is set to more than 1.2mn bpd by the end of 2027.

CNOOC made nine new discoveries in the first nine months of this year, while successfully appraising 23 oil and gas-bearing structures. Seven of its new projects off China also entered production during the period.

The company’s strong numbers came despite Brent oil prices remaining flat year on year. Its production costs were also flat, at $28.14 per barrel.

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