#China #Hong Kong #Oil and Gas #CNOOC Limited #Annual Results

CNOOC Limited Annual Results Announcement for 2024

CNOOC Limited, a key player in the global oil and gas sector, has announced its annual results for 2024, concluding on December 31, 2024. This year's financial statements illustrate a robust performance, marked by unprecedented levels of production and reserves, alongside significant gains in both earnings and shareholder dividends.

Record-Breaking Performance

For the year 2024, CNOOC Limited recorded an impressive net profit attributable to shareholders of 137.9 billion RMB, reflecting an 11.4% increase from the previous year. Such growth was driven by a 7.2% rise in net oil and gas production, amounting to 726.8 million barrels of oil equivalent (BOE). This figure marks a continuing trend of enhanced production capacity despite prevailing economic pressures.

CNOOC's operational strategies have proven effective, allowing the company to maintain its focus on cost control while increasing reserves and production. Notably, the successful mobilization of its new projects, including the Payara project in Guyana, significantly contributed to the growth witnessed in offshore operations.

Additionally, the company’s board of directors proposed a final dividend of 0.66 HK$ per share, leading to a total annual dividend of 1.40 HK$ per share, a 12% year-over-year increase. With a payout ratio of 44.7%, CNOOC continues to meet its commitment to shareholders, illustrating both stability and profitability.

Strategic Initiatives and Technological Advancements

In its drive to innovate, CNOOC Limited implemented several strategic initiatives aimed at enhancing operational efficiency. The introduction of advanced technology in exploration and production, such as the launch of Asia’s first cylindrical Floating Production Storage and Offloading (FPSO) vessel, has augmented the overall efficiency of oil and gas extraction processes. Furthermore, the development of smart oil and gas fields has led to improvements in project management and execution, enabling the timely completion of several significant projects.

Despite external challenges, including extreme weather events like Super Typhoon Yagi, CNOOC managed to ensure the safe and stable operation of its offshore facilities, underscoring the company’s commitment to operational integrity and safety. In 2024, the company consumed 760 million kilowatt-hours of green electricity, reinforcing its commitment to sustainable energy practices.

Expansion of Exploration Activities

2024 also saw the reinforcement of CNOOC’s exploration efforts, with 11 new oil and gas discoveries made worldwide. The company has made concerted efforts to expand its resource base, bolstered by successful drilling in various international territories, including Mozambique and Brazil, where it secured ten exploration blocks. The total proven reserves now stand at 7.27 billion BOE, marking a year-over-year increase of 7.2%, ensuring the company’s resources remain robust for future operations.

Commitment to Sustainability

The dedication to sustainable practices remains a key focus for CNOOC Limited. The establishment of the first green oil field offshore China and advancements in renewable energy projects, combined with continued investments in carbon capture and storage technology, reflect the company's strategic priorities. CNOOC reinforced its commitment to addressing climate change while simultaneously expanding its business portfolio.

Looking Ahead

Looking forward, Chairman Wang Dongjin expressed that CNOOC is determined to enhance production growth, improve operational quality and efficiency, and ultimately deliver greater shareholder value. With plans to invest approximately 132.5 billion RMB in the development of new projects, CNOOC aims to continue its trajectory of innovative growth and operational excellence.

With its strong financial results and commitment to advancing sustainable energy solutions, CNOOC Limited is well-positioned to navigate the complexities of the oil and gas industry in the years to come.

For more information on CNOOC's performance and future initiatives, visit CNOOC Limited’s official website.