Daily Newsletter

22 March 2024

Daily Newsletter

22 March 2024

CNOOC registers 12.6% dip in 2023 net profit 

The company's net oil and gas production for the year reached 678 million barrels of oil equivalent (mboe). 

Shivam Mishra March 21 2024

CNOOC has reported a net profit attributable to equity shareholders of 123.84bn yuan ($17.2bn) for the full year 2023, a decline of 12.6% compared with 141.7bn yuan in 2022.  

The Chinese Government-backed oil and gas company reported total annual revenue of 416.6bn yuan, marginally lower than the 422.23bn yuan in 2022.    

The majority of CNOOC's revenue, amounting to 327.86bn yuan, came from oil and gas sales.  

CNOOC’s annual capital expenditure rose 37% to 137.34bn yuan.  

CNOOC's development expenditures in 2023 were primarily focused on oil and gas field projects, particularly offshore in China, as well as in Guyana and Brazil, with additional funds allocated to enhance recovery factors in existing fields.  

The company's net oil and gas production for the year reached 678mboe, up 8.7% year-on-year (YoY). 

The Bohai sea was the largest domestic crude oil production base. 

Throughout 2023, CNOOC achieved nine new discoveries and successfully appraised 22 oil and gas structures.  

By the end of the year, the company’s net proved reserves stood at approximately 6.78 billion barrels of oil equivalent.  

Notably, the reserve replacement ratio reached 180%, and the reserve life has been maintained above ten years for seven consecutive years. 

In 2024, CNOOC will focus on increasing oil and gas reserves and production while promoting independent innovation in science and technology.  

The company has set a capital expenditure forecast of 125bn–135bn yuan, with a production target of 700–720mboe and a reserve replacement ratio of no less than 130%. 

CNOOC chairman Wang Dongjin said: "In 2023, we worked diligently to meet our targets. We have successfully completed all the tasks for the year and achieved new highs on reserves and production. Looking ahead, CNOOC will continue to enhance our energy supply capacity, technological innovation and value creation capabilities, and strive for high-quality development." 

This month, CNOOC announced two significant discoveries, each with 100 million tons of oil.  

These discoveries were made at the Qinhuangdao 27-3 oilfield in the Bohai Sea and at the Kaiping South oilfield in the South China Sea.  

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