HONG
KONG, April 25, 2024 /PRNewswire/ -- CNOOC
Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB
Counter), SSE: 600938) today announced its operating results for
the first quarter of 2024.
In the first quarter, the Company pressed ahead with oil and gas
exploration and development, advanced the enhancement of quality
and efficiency, and consolidated its advantage of cost
competitiveness. Net production of oil and gas and net profit
attributable to equity shareholders achieved strong growth, both
hitting new highs for the same period.
During the quarter, CNOOC Limited recorded a total net
production of 180.1 million barrels of oil equivalent ("BOE"),
representing an increase of 9.9% year-on-year ("YoY"). The net
production from China grew by 6.9%
YoY to 123.2 million BOE, which was mainly attributable to the
production from the newly commissioned projects. Overseas net
production rose by 16.9% YoY to 56.9 million BOE, which was mainly
driven by increased production from Guyana and Canada.
The Company made 2 new discoveries and successfully appraised 4
oil and gas structures. In particular, Bozhong 8-3 South in
offshore China was successfully
appraised, opening up a new exploration chapter in ultra-deep plays
offshore China. Overseas, a new
discovery, Bluefin, was made at the Stabroek block in Guyana, further expanding the resource base in
the southeastern portion of the block. During the period, Suizhong
36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project
commenced production. Other major new projects, such as the
Shenhai-1 Phase II Natural Gas Development Project, progressed
smoothly.
In the first quarter of 2024, in spite of lower international
oil prices, CNOOC Limited generated a net profit attributable to
equity shareholders of RMB39.7
billion, representing a YoY growth of 23.7%, showing strong
value creation capability. The all-in cost was US$27.59 per BOE, a decrease of 2.2% YoY. The
Company's capital expenditures amounted to approximately
RMB29 billion, increased by 17.3%
YoY, which was mainly because of the increased workloads at
projects under construction and adjustment wells.
Mr. Zhou Xinhuai, CEO and President of the Company, said, "In
the first quarter, CNOOC Limited continued to make breakthroughs in
exploration, obtained strong growth in oil and gas production and
achieved its best-ever net profit for the same period in history.
We will stay focused on our annual production and operation goals,
continue to pursue increase of reserves and production, strengthen
lean management, and consolidate the high-quality development of
the Company."
— End —
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
*** *** *** ***
This press release includes forward looking information,
including statements regarding the likely future developments in
the business of the Company and its subsidiaries, such as expected
future events, business prospects or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company as of this date in
light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors that the Company currently believes are appropriate
under the circumstances. However, whether actual results and
developments will meet the current expectations and predictions of
the Company is uncertain. Actual results, performance and financial
condition may differ materially from the Company's expectations,
including but not limited to those associated with fluctuations in
crude oil and natural gas prices, macro-political and economic
factors, changes in the tax and fiscal regimes of the host
countries in which we operate, the highly competitive nature of the
oil and natural gas industry, environmental responsibility and
compliance requirements, the Company's price forecast, the
exploration and development activities, mergers, acquisitions and
divestments activities, HSSE and insurance policies and changes in
anti-corruption, anti-fraud, anti-money laundering and
corporate governance laws.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
*** *** *** ***
For further enquiries, please contact:
Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited