Strong oil prices push CNOOC’s third quarter earnings to US$5.1 billion

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CNOOC Limited, a 25% stakeholder in the Stabroek Block, recorded a massive US$5.1 billion (36.9 billion yuan) in earnings for the third quarter of 2022. This represents an 89% increase in a year driven by strong oil and gas prices.

In its third-quarter report, the company said it has been able to achieve this “remarkable result” not only from oil prices but also stepping up efforts in exploration and development so as to increase reserves and production. The company said too that it has managed to keep its operating cost at a competitive level and therefore witnessed significant improvement in profitability.

In the third quarter, the Chinese state company said net production reached 156.8 million barrels of oil-equivalent (boe), representing 8.8% growth.

Guyana among strategic global assets that helped CNOOC achieve “better-than-expected” half-year results | OilNOW

It said net production increased by 6.8% to 106.9 million boe, mainly attributable to the production of Shenhai-1 large gas field, Liuhua 21-2, Lufeng 14-4/14-8, Bozhong 19-4 and onshore unconventional fields.

The net production from overseas assets, it said, increased by 13.5% to 49.9 million boe, mainly attributable to the production from the Liza Phase 2 field in Guyana and the Buzios field in Brazil.

For the first three quarters, the company also said it added 14 new discoveries to its books and successfully appraised 20 oil and gas structures. It was noted that new discoveries were made in the Stabroek Block at the Sailfin-1 and Yarrow-1 wells, further demonstrating the exciting exploration potential offshore Guyana.

Zhou Xinhuai, the company’s Chief Executive Officer, said the first three quarters demonstrate the company’s determination to achieve its targets.

In the 2022 fourth quarter, he said the company will continue to maintain its high-quality development and implement strategic plans to achieve its full-year targets.

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