China National Offshore Oil Corporation’s (CNOOC) exploration efforts yielded positive outcomes with two new discoveries and the successful appraisal of four oil and gas structures. Credit: Pavel Kapysh/Shutterstock.

CNOOC has reported a net profit attributable to equity shareholders of 39.71bn yuan for the first quarter of 2024 (Q1 2024), a surge of 23.7% over 32.11bn yuan reported a year ago. 

The company’s revenue increased by 14.1% to 111.46bn yuan from 97.71bn in Q1 of last year.  

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CNOOC attributed the growth to the company’s operational activities and strategic project developments. 

During the three months under review, CNOOC’s capital expenditures amounted to approximately 29bn yuan, up 17.3% YoY.  

This increase was primarily due to escalated workloads at projects under construction and the drilling of adjustment wells. 

For the quarter ended 31 March, CNOOC recorded total net production of 180.1 million barrels of oil equivalent (mboe), up 9.9% YoY.  

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Net production within China grew by 6.9% to 123.2mboe, with a significant contribution made by output from newly commissioned projects. 

The company’s overseas net production increased by 16.9% to 56.9mboe, mainly driven by enhanced production in Guyana and Canada. 

CNOOC’s exploration efforts yielded positive outcomes with two new discoveries and the successful appraisal of four oil and gas structures.  

Internationally, the company made a significant new discovery at the Stabroek block in Guyana with the Bluefin well, further expanding the resource base in the south-eastern portion of the block. 

The quarter also saw the commencement of production from the Suizhong 36-1/Luda 5-2 oilfield secondary adjustment and development project.  

Additionally, major new projects such as the Shenhai-1 Phase II natural gas development project progressed smoothly. 

CNOOC CEO and president Zhou Xinhuai said: “In the first quarter, CNOOC continued to make breakthroughs in exploration, obtained strong growth in oil and gas production and achieved its best-ever net profit for the same period in history.  

“We will stay focused on our annual production and operation goals, continue to pursue increase of reserves and production, strengthen lean management and consolidate the high-quality development of the company.”