CNOOC's net production in the first three quarters increased by 8.3% year-on-year, hitting a record high for the same period in history
Release time：2024-08-21click：3
Recently (October 24), China National Offshore Oil Corporation announced its third quarter operating results. In the first three quarters of 2023, CNOOC continued to increase its exploration and development efforts, its net oil and gas production increased steadily, and its cost competitive advantage was further consolidated.
In the first three quarters, CNOOC achieved net production of 499.7 million barrels of oil equivalent, a year-on-year increase of 8.3%, setting a new high for the same period in history. Among them, China's net production reached 345.5 million barrels of oil equivalent, a year-on-year increase of 6.7%, mainly due to the increase in output of oil and gas fields such as Kenli 6-1 and Lufeng 15-1; overseas net production was 154.1 million barrels of oil equivalent, a year-on-year increase of 11.8% %, mainly due to the increase in production of Liza Phase II in Guyana and Buzios oil field in Brazil.
CNOOC has made a total of 8 new discoveries and successfully evaluated 21 oil and gas structures. In terms of development and production, three new projects including the Lufeng 12-3 oil field development project were successfully put into production, and other new projects are progressing steadily.
Cost control is good, with the main cost of a barrel of oil being US$28.37, a year-on-year decrease of 6.3%. The company's output grew strongly, achieving unaudited oil and gas sales revenue of RMB 238.4 billion, and net profit attributable to shareholders of the parent company reaching RMB 97.6 billion. Capital expenditure was approximately RMB 89.5 billion, a year-on-year increase of 30.2%, mainly due to the year-on-year increase in the workload of projects under construction. In order to support the growth of reserves and production, the capital expenditure budget for 2023 is adjusted to RMB 120 billion-130 billion.
During this period, the company has achieved remarkable results in its green development. China's first deep-sea floating wind power platform "Offshore Oil Guanlan" was successfully connected to the grid to generate electricity, and China's first offshore carbon dioxide storage demonstration project was officially launched. Put into operation, the company's first land-based centralized photovoltaic power generation project is connected to the grid to generate electricity.
