China oil company sees strong production and profits this quarter

CNOOC Limited achieved strong growth in both net production and net profit during the first quarter of this year, the company said on Thursday.

The company recorded a total net production of 180.1 million barrels of oil equivalent, representing an increase of 9.9 percent year-on-year during the first three months. The net production from China grew by 6.9 percent year-on-year to 123.2 million barrels of oil equivalent, which was mainly attributable to the production from the newly commissioned projects, said CNOOC Limited.

Overseas net production rose by 16.9 percent year-on-year to 56.9 million barrels of oil equivalent, which was mainly driven by increased production from Guyana and Canada, it said.

In the first quarter of 2024, despite lower international oil prices, CNOOC Limited generated a net profit attributable to equity shareholders of 39.7 billion yuan ($5.48 billion), representing a year-on-year growth of 23.7 percent. The company's capital expenditures amounted to approximately 29 billion yuan, up 17.3 percent year-on-year.

"In the first quarter, CNOOC Limited continued to make breakthroughs in exploration, obtained strong growth in oil and gas production and achieved its best-ever net profit for the same period in history," said Zhou Xinhuai, CEO and president of the company.

"We will stay focused on our annual production and operation goals, continue to pursue an increase of reserves and production, strengthen lean management and consolidate the high-quality development of the company."

zhengxin@chinadaily.com.cn