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CNOOC Limited 2024 Annual Results Overview

CNOOC Limited recently unveiled its annual report for 2024, showcasing remarkable achievements in a challenging economic landscape. The company reported a 7.2% increase in net oil and gas production, reaching 726.8 million barrels of oil equivalent (BOE). This growth included a 5.6% rise in production from domestic operations and a commendable 10.8% increase in overseas projects, significantly driven by the Payara project in Guyana.

Financial Highlights

The company's net profit attributable to equity shareholders rose by 11.4%, totaling RMB 137.9 billion, marking a strong year despite fluctuations in global oil prices. CNOOC's full-year dividend was set at HK$1.40 per share, reflecting a 12% year-on-year increase. This dividend highlights the company’s commitment to rewarding shareholders amid its growth trajectory.

Exploration and Technological Innovations

In alignment with its value-driven exploration strategy, CNOOC discovered 11 new oil and gas fields throughout 2024, expanding its resource base significantly. By the end of the year, its net proven reserves reached 7.27 billion BOE, indicating a 7.2% year-on-year growth. This commitment to exploration not only reaffirms CNOOC’s position as a leader in the energy sector but also demonstrates its resilience against market pressures.

The innovative developments included the introduction of Asia's first cylindrical Floating Production Storage and Offloading (FPSO) unit and the construction of the tallest deepwater jacket platform. These projects not only promise greater efficiencies but also serve as models for future developments in the industry.

Commitment to Sustainability

CNOOC Limited continues to prioritize sustainable development, actively working to mitigate climate impacts. The successful operation of the Wushi 23-5 oilfield, designed as a green field, and various renewable initiatives signify CNOOC's efforts in the green energy transition. Notably, they utilized 760 million kilowatt-hours of green electricity throughout 2024 and announced the construction of the world's first 16-megawatt tension-leg floating wind power platform.

The company is also in the developmental stages of carbon capture and storage (CCUS) projects, enhancing its commitment to long-term sustainability and reduced environmental impact.

Operational Excellence

CNOOC Limited's capital expenditures reached RMB 132.5 billion, predominantly aimed at facilitating new project developments and enhancing production capabilities. By maintaining efficient operational management practices, CNOOC has successfully navigated fluctuations in oil prices while maintaining a competitive cost structure of US$28.52 per BOE.

The Company’s focus on lean operations significantly contributed to both profitability and effective project execution. The Board of Directors remains committed to delivering a stable dividend, operating within a payout ratio of 44.7%, emphasizing the strategic focus on shareholder value.

Conclusion and Future Outlook

Mr. Wang Dongjin, Chairman of CNOOC, emphasized the importance of technological innovation and cost-advantages in achieving production growth. Looking ahead, CNOOC Limited plans to further strengthen its reserves and enhance operational efficiencies while continuing to deliver substantial returns to shareholders. With solid foundations and ambitious growth strategies, CNOOC is poised to contribute positively to the energy sector's evolution and the global market.

In summary, CNOOC Limited’s 2024 annual results reflect not just robust growth and profitability but also a strategic vision for a sustainable and innovative future in energy production.