CNOOC reports growth in reserves, production and profits in 2024

CNOOC Limited reported robust growth in reserves, production and profits for 2024, the Chinese oil and gas giant announced on Thursday.

The company said its proven reserves and total net production both increased by over 7 percent compared to the previous year. Net profit attributable to equity shareholders also saw a significant boost, climbing by 11.4 percent for the twelve months ended December 31, 2024, it said.

New records of production have been set for multiple years in a row. In 2024, the company recorded a net oil and gas production of 726.8 million barrels of oil equivalent, a year-on-year increase of 7.2 percent.

Net production rose by 5.6 percent year-on-year in China, while overseas, the commissioning of projects including the Payara project in Guyana drove the net production to surge by 10.8 percent year-on-year, it said.

In China, multiple discoveries were made, including Longkou 7-1, Qinhuangdao 29-6, Huizhou 19-6 and Lingshui 36-1.

The company's capital expenditure last year reached 132.5 billion yuan, strongly supporting new project development and production growth.

Looking ahead, CNOOC Limited will continue to increase reserve and production, enhance quality and efficiency, said Wang Dongjin, chairman of the company.