CNOOC Profit Jumps by 11% on Record Oil and Gas Production

CNOOC Profit Jumps by 11% on Record Oil and Gas Production | OilPrice.com

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Breaking News:

ByCharles Kennedy– Mar 27, 2025, 9:30 AM CDT

Chinese state-owned oil and gas giant CNOOC reported on Thursday an 11.4% rise in net profit for 2024, as record oil and gas production offset weaker energy commodity prices.

CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $19 billion (137.9 billion Chinese yuan) for 2024, up by 11.4% from a year earlier, as production hit another record high last year.

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CNOOC’s net oil and gas production was 726.8 million barrels of oil equivalent (boe), up by 7.2% compared to 2023.

Net oil and gas output in China rose by 5.6%, thanks to the contributions from Bozhong 19-6 oilfield where production started up at the end of 2023, and other oil and gas fields. International production jumped by 10.8% in 2024, thanks to the commissioning of new projects, including the Paraya oilfield offshore Guyana.

CNOOC holds 25% in the Exxon-led consortium developing Guyana’s huge discovered offshore oil resources.

Since 2013, CNOOC’s net production has jumped by 77% while the all-in cost was reduced by 37%, the company said.

Net profit rose despite the drop in the average price of oil in 2024 compared to 2023—last year Brent Crude oil prices averaged $79.90, down from $82.20 in 2023.

CNOOC continues to explore for hydrocarbons in China, per the authorities’ directive to state oil giants to increase domestic production. By the end of 2024, the net proved reserves of the company stood at 7.27 billion boe, up by 7.2% from the end of 2023, with reserve life remaining at 10 years of drilling at current levels.

Earlier this week, another Chinese state oil major, Sinopec, reported a 16.8% decline in its 2024 net profit, attributed to lower oil prices and the penetration of electric vehicles.

“In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy … (and) gross profit margin was significantly narrowed,” Sinopec said in a filing with the Hong Kong Stock Exchange.

By Charles Kennedy for Oilprice.com

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