CNOOC Limited: Navigating New Waters in Oil and Gas Exploration
March 31, 2025, 5:24 pm
CNOOC Limited is making waves in the oil and gas industry. The company recently announced its 2024 annual results, showcasing impressive growth and resilience. In a world where energy demands are ever-increasing, CNOOC stands as a beacon of innovation and strategic foresight.
In 2024, CNOOC Limited achieved a remarkable 7.2% increase in net oil and gas production, reaching 726.8 million barrels of oil equivalent (BOE). This surge is not just a number; it reflects the company’s commitment to harnessing resources efficiently. The Bozhong 19-6 oilfield and other fields in China contributed significantly to this growth. Meanwhile, overseas projects, particularly the Payara project in Guyana, drove production up by 10.8%. CNOOC is not just keeping pace; it is setting the tempo.
The company’s net profit attributable to equity shareholders rose by 11.4%, reaching RMB 137.9 billion. This is not merely a financial success; it is a testament to CNOOC’s ability to navigate through turbulent economic waters. The all-in cost per BOE decreased to US$28.52, enhancing its competitive edge. In a volatile market, CNOOC is a ship that sails smoothly.
Dividends also saw a healthy boost. The full-year dividend increased by 12% year-on-year, reaching HK$1.40 per share. This reflects CNOOC’s commitment to rewarding its shareholders while maintaining a strong financial foundation. The dividend payout ratio stood at 44.7%, underscoring the company’s dedication to sharing its success.
CNOOC’s exploration strategy is akin to a treasure map. In 2024, the company made 11 oil and gas discoveries and successfully appraised 30 structures. The net proved reserves climbed to 7.27 billion BOE, marking a 7.2% increase. This is not just about numbers; it’s about expanding horizons. The company’s exploration efforts are paving the way for future growth.
The Huizhou 19-6 oilfield discovery is a prime example of CNOOC’s innovative spirit. Located in the eastern South China Sea, this field adds over a hundred million tons of oil equivalent in-place. The discovery well, HZ19-6-3, drilled to a depth of 5,415 meters, encountered 127 meters of oil and gas pay zones. This breakthrough not only enhances CNOOC’s resource base but also redefines exploration potential in deep and ultra-deep plays.
CNOOC is not just about extracting resources; it is also about sustainable development. The company is actively exploring green transition pathways. In 2024, it managed to use 760 million kilowatt-hours of green electricity. The Wushi 23-5 oilfield, designed with green principles, commenced production. CNOOC is not just drilling for oil; it is digging for a sustainable future.
Technological innovation is at the heart of CNOOC’s strategy. The introduction of Asia’s first cylindrical FPSO and the tallest deepwater jacket platform are game-changers. These advancements enable efficient extraction of resources while minimizing environmental impact. The digital transformation of operations is also underway, with smart oil and gas fields becoming a reality. CNOOC is not just adapting; it is leading the charge into the future.
In terms of corporate social responsibility, CNOOC is making significant strides. The company provided over 22,000 jobs across more than 20 countries in 2024. Its local talent development program in Uganda received recognition for its impact on poverty reduction. CNOOC is not just a corporate entity; it is a community builder.
Looking ahead, CNOOC Limited is poised for continued growth. The company aims to enhance its resource base while maintaining a focus on cost efficiency. The commitment to shareholder returns remains strong, with plans to further increase reserves and production. CNOOC is not just riding the waves; it is charting a course for success.
In conclusion, CNOOC Limited is a powerhouse in the oil and gas sector. With its impressive production growth, strategic exploration initiatives, and commitment to sustainability, the company is well-positioned for the future. As it navigates the complexities of the energy landscape, CNOOC stands as a testament to resilience and innovation. The horizon looks bright, and the journey is just beginning.
In 2024, CNOOC Limited achieved a remarkable 7.2% increase in net oil and gas production, reaching 726.8 million barrels of oil equivalent (BOE). This surge is not just a number; it reflects the company’s commitment to harnessing resources efficiently. The Bozhong 19-6 oilfield and other fields in China contributed significantly to this growth. Meanwhile, overseas projects, particularly the Payara project in Guyana, drove production up by 10.8%. CNOOC is not just keeping pace; it is setting the tempo.
The company’s net profit attributable to equity shareholders rose by 11.4%, reaching RMB 137.9 billion. This is not merely a financial success; it is a testament to CNOOC’s ability to navigate through turbulent economic waters. The all-in cost per BOE decreased to US$28.52, enhancing its competitive edge. In a volatile market, CNOOC is a ship that sails smoothly.
Dividends also saw a healthy boost. The full-year dividend increased by 12% year-on-year, reaching HK$1.40 per share. This reflects CNOOC’s commitment to rewarding its shareholders while maintaining a strong financial foundation. The dividend payout ratio stood at 44.7%, underscoring the company’s dedication to sharing its success.
CNOOC’s exploration strategy is akin to a treasure map. In 2024, the company made 11 oil and gas discoveries and successfully appraised 30 structures. The net proved reserves climbed to 7.27 billion BOE, marking a 7.2% increase. This is not just about numbers; it’s about expanding horizons. The company’s exploration efforts are paving the way for future growth.
The Huizhou 19-6 oilfield discovery is a prime example of CNOOC’s innovative spirit. Located in the eastern South China Sea, this field adds over a hundred million tons of oil equivalent in-place. The discovery well, HZ19-6-3, drilled to a depth of 5,415 meters, encountered 127 meters of oil and gas pay zones. This breakthrough not only enhances CNOOC’s resource base but also redefines exploration potential in deep and ultra-deep plays.
CNOOC is not just about extracting resources; it is also about sustainable development. The company is actively exploring green transition pathways. In 2024, it managed to use 760 million kilowatt-hours of green electricity. The Wushi 23-5 oilfield, designed with green principles, commenced production. CNOOC is not just drilling for oil; it is digging for a sustainable future.
Technological innovation is at the heart of CNOOC’s strategy. The introduction of Asia’s first cylindrical FPSO and the tallest deepwater jacket platform are game-changers. These advancements enable efficient extraction of resources while minimizing environmental impact. The digital transformation of operations is also underway, with smart oil and gas fields becoming a reality. CNOOC is not just adapting; it is leading the charge into the future.
In terms of corporate social responsibility, CNOOC is making significant strides. The company provided over 22,000 jobs across more than 20 countries in 2024. Its local talent development program in Uganda received recognition for its impact on poverty reduction. CNOOC is not just a corporate entity; it is a community builder.
Looking ahead, CNOOC Limited is poised for continued growth. The company aims to enhance its resource base while maintaining a focus on cost efficiency. The commitment to shareholder returns remains strong, with plans to further increase reserves and production. CNOOC is not just riding the waves; it is charting a course for success.
In conclusion, CNOOC Limited is a powerhouse in the oil and gas sector. With its impressive production growth, strategic exploration initiatives, and commitment to sustainability, the company is well-positioned for the future. As it navigates the complexities of the energy landscape, CNOOC stands as a testament to resilience and innovation. The horizon looks bright, and the journey is just beginning.