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CNOOC Limited 2024 Annual Results Overview

CNOOC Limited, a leading offshore oil and gas producer, recently disclosed its impressive annual results for 2024, revealing remarkable growth even in challenging macroeconomic conditions. With an increase in reserves and production of over 7%, the company demonstrated its resilience and strategic prowess in navigating the complexities of the energy market.

In terms of financial performance, CNOOC witnessed a net profit escalation of 11.4%, reaching a robust RMB 137.9 billion. This achievement is a testament to the company’s commitment to enhancing operational efficiency while effectively managing costs. Consequently, the total oil and gas sales rose to RMB 355.6 billion, solidifying CNOOC’s standing in the industry. The company also announced an annual dividend of HK$1.40 per share, reflecting a 12% year-on-year increase, further underscoring its commitment to rewarding shareholders.

Production and Reserves Growth

The company's relentless focus on exploration and production has yielded fruitful results. In 2024, CNOOC’s net oil and gas production reached 726.8 million barrels of oil equivalent (BOE), representing a year-on-year increase of 7.2%. This rise can be attributed to significant contributions from key oilfields such as Bozhong 19-6, and ongoing projects in Guyana, which alone contributed to a 10.8% growth in overseas production.

Notably, CNOOC expanded its resource base through a value-driven exploration strategy, achieving 11 oil and gas discoveries and successfully appraising 30 structures throughout the year. By the end of 2024, the net proved reserves stood at 7.27 billion BOE, maintaining a reserve life of ten years.

Technological Advancements

CNOOC is dedicated to innovation in technology to bolster its operational capabilities. This year marked the operational rollout of Asia's first cylindrical Floating Production Storage and Offloading (FPSO) unit, Haikui-1, alongside the region's tallest deepwater jacket platform, Haiji-2. These advancements are pivotal in establishing efficient and cost-effective operational frameworks for deepwater developments.

The company's journey towards digital transformation saw the establishment of several smart oil and gas fields, enhancing automation and productivity across its offshore platforms. With a firm grasp on standardized engineering practices, key projects were completed ahead of schedule, demonstrating CNOOC's commitment to excellence in project management and execution.

Commitment to Sustainability

CNOOC Limited remains steadfast in its pledge to sustainable development. The company has been proactive in addressing environmental challenges and advancing green initiatives. In 2024, the company’s green production efforts included the successful operation of the Wushi 23-5 oilfield, which features green design elements, and the completion of its onshore power project in Bohai.

The introduction of the world’s first 16-megawatt tension-leg floating wind power platform also highlights CNOOC’s strides toward renewable energy and carbon-neutral goals. Ongoing projects focused on carbon capture, utilization, and storage (CCUS) are indicative of the company's future-oriented vision in environmental responsibility.

Community Impact and Future Outlook

CNOOC's contribution to global communities is evident through its provision of over 22,000 jobs across more than 20 countries. The company’s initiatives for local talent development, particularly in Uganda, have been internationally recognized for their effectiveness in poverty reduction practices.

Looking ahead, Chairman Wang Dongjin expressed optimism for sustaining production and reserve growth through technological advancements and strategic operations. CNOOC Limited’s focus on operational profitability, alongside a commitment to shareholder returns, positions the company well for future challenges and opportunities in the energy sector.

In conclusion, CNOOC Limited's annual results for 2024 showcase not only financial success and operational excellence but also a commitment to innovation, sustainability, and community-focused initiatives. As the company moves forward, it is poised to shape the future of energy with a focus on high-quality development and sustainable practices.