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CNOOC Limited's Annual Results for 2024

CNOOC Limited, a leader in the oil and gas sector, recently released its annual results for 2024, concluding the year on December 31, 2024. The company showcased significant growth in various key performance indicators, achieving a remarkable 7% growth in both reserves and production while the net profit attributable to shareholders surged by an impressive 11.4%.

Record Achievements in Production

In an environment filled with macroeconomic challenges, CNOOC Limited remained committed to its strategy aimed at increasing reserves and production, all while carefully managing operational costs. The firm reported an annual dividend of HKD 1.40 per share, reflecting a year-on-year increase of 12%. The net oil and gas production reached a record of 726.8 million barrels of oil equivalent (BOE), marking a year-on-year increment of 7.2%. This included a 5.6% growth in domestic production owing to significant contributions from the Bozhong 19-6 and several other domestic projects, while international operations enjoyed a 10.8% increase, driven by the Payara project in Guyana.

Expanding Resources and Discoveries

CNOOC continued to expand its resource base through a value-driven exploration strategy, culminating in 11 discoveries of oil and gas reservoirs throughout the year. By the end of 2024, the company’s proven reserves increased by 7.2%, reaching a total of 7.27 billion BOE, with a consistent reserve life of 10 years. Key discoveries, such as Longkou 7-1 and Huizhou 19-6, steered exploration advancements in China, while new contracts for 10 exploratory blocks in regions including Mozambique and Brazil marked its expanding global footprint.

Innovations in Efficiency

The company also made significant progress in operational efficiency through the deployment of advanced technologies. It inaugurated Asia's first cylindrical FPSO, Haikui-1, and the tallest deepwater jacket platform, Haiji-2—both embodying a new paradigm for efficient deepwater oil and gas extraction. A variety of smart oil and gas fields were initiated, improving operational standards significantly. Key capital expenditure reached RMB 132.5 billion in 2024, ensuring a robust foundation for future production and project development.

Commitment to Sustainable Development

As part of its sustainable initiatives, CNOOC prioritized safety and environmental stewardship. The company adeptly navigated challenges posed by Typhoon Yagi while ensuring the stability of offshore gas and oil fields. Notably, it commenced production of the Wushi 23-5 oil field, which is modeled on eco-friendly principles, and began operations for its Bohai onshore energy project. By utilizing 760 million kWh of green electricity, CNOOC demonstrated its commitment to transitioning towards ecological practices.

Corporate and Social Responsibility

CNOOC’s commitment extended beyond profits; in 2024, it created over 22,000 jobs in more than 20 countries, showcasing its dedication to community development. The company's local talent development program in Uganda gained recognition in the Global Best Practices for Poverty Reduction list, further exemplifying its social responsibility.

Looking Ahead

Wang Dongjin, the president of CNOOC, emphasized that technological innovations and cost advantages were instrumental in achieving this year’s growth. For the future, CNOOC aims to continue enhancing its reserves and productivity levels while providing substantial returns to shareholders. With a dividend payout ratio of 44.7%, the firm remains steadfast in its commitment to rewarding those who invest their trust in the company.

CNOOC Limited’s annual results illustrate a solid foundation for future growth, underlining its position as a leading entity in the global oil and gas sector. With established projects that integrate advanced technology and sustainable practices, CNOOC is poised to navigate the challenges and opportunities of the energy landscape ahead.