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CNOOC Limited Annual Results 2024

CNOOC Limited has released its annual results for 2024, showcasing impressive growth and resilience within the challenging macroeconomic landscape. The company's focus on enhancing its production capacity and maintaining cost control has paid off, leading to notable increases in both reserves and net profits.

In 2024, CNOOC recorded net production of oil and gas reaching 726.8 million barrels of oil equivalent (boe), marking a year-on-year growth of 7.2%. This achievement comes despite the difficulty in global economic conditions, emphasizing CNOOC's robust operational strategies. The increase can be attributed to significant contributions from domestic fields like Bozhong 19-6 and successful international projects, including the Payara development in Guyana, boosting overseas production by 10.8%.

CNOOC’s commitment to innovation is evident as well, with advancements in exploration and technological development expanding its resource base. The company successfully discovered eleven new oil and gas deposits and assessed thirty structures throughout the year, substantially increasing its proved reserves to 7.27 billion boe, which reflects a 7.2% increase compared to the previous year.

The enhancements in production capabilities also included the deployment of the cylindrical floating production storage and offloading unit (FPSO), Haikui-1, and the tallest deep-water platform, Haiji-2. These innovations not only optimize resource extraction but also ensure operational efficiency. Furthermore, the company is embracing digital transformation with the implementation of smart oil and gas fields, contributing to its operational effectiveness.

Financially, CNOOC Limited reported a net profit attributable to shareholders of 137.9 billion RMB, representing an 11.4% increase from 2023. This demonstrates the company's capable navigation through fluctuating oil and gas prices and showcases its strong market position. To reward its stakeholders, CNOOC declared an annual dividend of 1.40 HKD per share, marking a 12% increase from the previous year.

On the sustainability front, CNOOC Limited has prioritized green production methods and pursued ecological transition strategies. In 2024, the company efficiently managed operations in the face of severe weather challenges like Typhoon Yagi and successfully maintained stable offshore operations. The debut of China’s first eco-designed oilfield, Wushi 23-5, represents a significant step towards greener production practices. Additionally, initiatives such as the installation of a floating wind platform further exemplify the company’s commitment to sustainability.

CNOOC Limited has not only pursued operational and financial growth but has also taken strides in corporate social responsibility. The company has created more than 22,000 job opportunities across over 20 countries, showcasing its dedication to community development. Particularly noted was its local talent development program in Uganda, recognized for its best practices in poverty reduction.

Mr. Wang Dongjin, President of CNOOC Limited, highlighted the strategic priorities moving forward, stating, “As we advance, our commitment to increasing reserves and production remains steadfast. We will also focus on improving quality and efficiency, ensuring substantial returns for our shareholders while embracing high-quality growth.”

In conclusion, CNOOC Limited's annual results paint a picture of a forward-thinking and resilient company that has not only thrived amidst adversity but is also poised for continued success in the oil and gas sector, alongside a strong emphasis on sustainable practices and community engagement. The company looks ahead to leverage its innovations and solidify its role as a leader in the energy industry.