CNOOC Limited, a leading oil and gas producer, has announced its 2024 interim results, highlighting significant progress in reserves, production, and profitability. The company achieved a record high net profit attributable to equity shareholders, reaching RMB79.7 billion, representing a 25% year-on-year increase. This impressive performance was driven by a combination of factors, including increased oil and gas production, effective cost management, and higher realized oil prices.
In the first half of 2024, CNOOC Limited saw its net production rise by 9.3% year-on-year to 362.6 million barrels of oil equivalent (BOE). This growth was attributed to the successful implementation of major projects, including the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, the Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project, and the Wushi 23-5 Oilfields Development Project. The company also made notable progress with the Shenhai-1 Phase II Natural Gas Development Project and the Mero3 Project in Brazil.
Technological innovation played a key role in CNOOC Limited’s success. The company achieved breakthroughs in exploration theory and technology, leading to the discovery of several new oil and gas fields, including Lingshui 36-1, Bozhong 8-3 South, and Longkou 7-1. The company also implemented innovative solutions in development and construction, such as the Liuhua 11-1/4-1 Oilfield Secondary Development Project, which adopted the innovative mode of “deep-water jacket platform + cylindrical FPSO.” This approach provides a new solution for efficient deepwater oil and gas field development in offshore China.
In addition to its commitment to production growth, CNOOC Limited remains focused on sustainability and green development. The company has integrated its oil and gas business with renewable energy, commissioning the first green-designed oil field in offshore China, the Wushi 23-5 Oilfields Development Project. This project embodies green development principles throughout the design, construction, and production process. CNOOC Limited also installed photovoltaic panels at its onshore terminals, with 82% of these facilities now powered by solar energy. The company has further strengthened its green power substitution, consuming more than 400 million kWh of green power in the first half of 2024.
Reflecting its strong financial performance, CNOOC Limited has declared a record-breaking interim dividend of HK$0.74 per share (tax inclusive). This decision reinforces the company’s commitment to returning value to its shareholders.
Mr. Wang Dongjin, Chairman of CNOOC Limited, expressed his satisfaction with the company’s performance, stating that the record highs achieved in key operating indicators demonstrate the success of the company’s efforts in reserves and production growth and value creation. He highlighted that CNOOC Limited will continue to strive for high-quality development in the second half of 2024, ensuring the achievement of annual production and operation targets while upholding safety and compliance standards.
