CNOOC Limited Achieves Record High Net Production and Net Profit in Q3 2024

HONG KONG, Oct. 28, 2024 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces its operating results for the third quarter of 2024.

In the first three quarters of 2024, CNOOC Limited continued to increase its reserves and production, while effectively controlling costs and enhancing efficiency. Net production and net profit rose remarkably year over year ("YoY"), both hitting record highs for the same period in history.

In the nine months, the Company recorded a net production of 542.1 million barrels of oil equivalent ("BOE"), representing an increase of 8.5% YoY. The net production from China grew by 6.8% YoY to 369.2 million BOE, which was mainly attributable to the production from oil and gas fields including Bozhong 19-6 and Enping 20-4. The net production from overseas rose by 12.2% YoY to 172.9 million BOE, mainly due to the increased production from Payara project in Guyana.

For exploration, the Company made 9 new discoveries and successfully appraised 23 oil and gas-bearing structures. In particular, ...