In 2024, CNOOC achieved a net oil and gas production of 72.68 million barrels of oil equivalent, a year-on-year increase of 7.2%

Recently, CNOOC announced its annual performance for 2024.

In 2024, facing the complex and ever-changing macro environment, CNOOC has always insisted on increasing reserves and production, strictly controlling costs, continuously improving its value creation ability, achieving good results in technological innovation and green development, and continuously achieving new results in high-quality development.

Persisting in taking multiple measures to tap into the potential of production, the output has continuously broken historical records for many years. In 2024, CNOOC achieved a net oil and gas production of 72.68 million barrels of oil equivalent, a year-on-year increase of 7.2%. In China, thanks to the contribution of oil and gas fields such as Bozhong 19-6, net production increased by 5.6% year-on-year; Overseas, thanks to the commissioning of projects such as the Guyana project, net production increased significantly by 10.8% year-on-year.

Persist in value exploration, implement precise policies, and continuously expand the resource base. In 2024, CNOOC achieved a total of 11 new oil and gas discoveries and successfully evaluated 30 oil and gas bearing structures. As of the end of 2024, the net confirmed reserves reached 7.27 billion barrels of oil equivalent, a year-on-year increase of 7.2%, and the reserve life remained stable at 10 years. CNOOC continuously innovates exploration theories and technologies, and has successfully made multiple new discoveries domestically, including Longkou 7-1, Qinhuangdao 29-6, Huizhou 19-6, and Lingshui 36-1; Overseas, focusing on the countries on both sides of the Atlantic Ocean and along the "the Belt and Road", the company has acquired 10 new oil contracts in Mozambique, Brazil and Iraq, further expanding the global exploration business area.

Accelerate the cultivation of new quality productive forces, and empower production and operation with technology to achieve good results. The first cylindrical FPSO (Floating Production Storage and Offloading Unit) in Asia, "Haikui No . 1", and the Asian deepwater pipeline platform "Haiji No.2" have been put into use, innovating the development mode of deepwater oil and gas fields and achieving economic development of oil and gas resources. The development of digitalization is solid and powerful, with a number of intelligent oil and gas fields represented by "Deep Sea No . 1" and Qinhuangdao 32-6 oilfield being preliminarily completed, and the intelligence rate of offshore platforms steadily increasing. The standardization of engineering construction continues to expand its application, effectively promoting the acceleration of production capacity construction, and multiple key projects have been put into operation ahead of schedule. In 2024, the company's capital expenditure reached RMB 132.5 billion, providing strong support for new project construction and production growth.

Adhere to the concept of sustainable development, pay attention to production safety, and actively explore green transformation paths. China National Offshore Oil Corporation's green and low-carbon production of oil and gas resources has achieved practical results. The Wushi 23-5 oilfield group with comprehensive green design in China's offshore areas has been completed and put into operation, and the third phase of the Bohai Coast Power Project has been fully put into use. Throughout the year, 760 million kilowatt hours of green electricity have been replaced through shore power projects and other means. The world's first 16 megawatt tension leg floating wind power platform project has started construction, with a designed annual power generation of 54 million kilowatt hours. At the same time, the company is steadily promoting zero carbon and negative carbon industries, solidly advancing the Daya Bay CCS/CUS demonstration project, and actively building two offshore CCUS bases in Bohai and Hainan.

Adhere to lean management, maintain a high level of profitability, and cross the oil price cycle with good performance. In 2024, CNOOC's oil and gas sales revenue reached RMB 355.6 billion, with a net profit attributable to shareholders of RMB 137.9 billion, a year-on-year increase of 11.4%. The main cost of barrel oil for the whole year was $28.52 per barrel of oil equivalent, a year-on-year decrease of about 1.1%, continuing to consolidate the cost competitive advantage.

Actively fulfilling corporate social responsibility and committed to maximizing social contributions. In 2024, over 22000 job opportunities will be provided in more than 20 countries and regions worldwide, and community building will continue to be promoted. Among them, the project to cultivate local oil and gas talents in Uganda has been selected as one of the world's best poverty reduction cases.