CNOOC Limited announced its highest-ever net production and net profit for the third quarter of 2024, crediting increased output from projects like the Payara development in Guyana.
CNOOC’s total net production in the first three quarters reached 542.1 million barrels of oil equivalent (BOE), an 8.5% increase year-over-year (YoY). Overseas production surged by 12.2% to 172.9 million BOE, driven largely by Guyana’s contributions.
CNOOC said it also marked significant exploration successes, making nine new discoveries and appraising 23 oil and gas structures. In offshore China, the Wenchang 10-3 East natural gas discovery showed promising exploration prospects, while Caofeidian 23-6 appraisals point toward a sizeable future oilfield.
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Additionally, CNOOC said seven new projects commenced production, with developments like Bozhong 19-2 and Shenhai-1 Phase II progressing on schedule.
Despite flat Brent oil prices, CNOOC saw a notable 19.5% rise in net profit to RMB 116.66 billion. Revenues grew to RMB 271.43 billion, up 13.9% YoY, while all-in costs remained steady at US$28.14. Capital expenditures rose by 6.6%, reaching approximately RMB 95.34 billion.
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“Despite the volatile external environment, the staff of CNOOC Limited remained committed…to achieve record high net production and net profit for the same period in history,” CNOOC Chief Executive Officer Zhou Xinhuai said.
CNOOC’s Guyana subsidiary – CNOOC Petroleum Guyana Limited – holds a 25% working interest in the offshore Stabroek Block, alongside ExxonMobil and Hess.
