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CNOOC Limited is a leading Chinese oil and gas producer listed on the SEHK under the ticker symbols 00883 (HKD Counter) and 80883 (RMB Counter), as well as on the SSE with the symbol 600938. The company specializes in the exploration, development, and production of oil and natural gas. It is one of the largest offshore oil and gas producers in China and operates globally in regions such as South America, Africa, and Southeast Asia.

In recent developments, CNOOC Limited commenced production on several major projects. The Payara Project, located in the Stabroek Block offshore Guyana, started production with a floating production storage and offloading (FPSO) unit and 41 subsea wellheads. This project is expected to reach a peak production of approximately 220,000 barrels per day in 2024. The Mero2 Project in the Santos Basin pre-salt offshore Brazil is another significant venture, with a production capacity of 180,000 barrels per day.

Lufeng Oilfields Phase II Development Project in the eastern South China Sea has also begun production and is expected to achieve a peak production of 22,600 barrels per day by 2025. Additionally, the company has launched the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project in the Bohai Sea, which aims for a peak production of 30,300 barrels per day by 2025.

Financially, CNOOC Limited continues to show robust growth. In the first quarter of 2024, the company recorded a net production of 180.1 million barrels of oil equivalent (BOE), marking a 9.9% year-over-year increase. Net profit attributable to shareholders grew by 23.7% year-over-year, reaching RMB 39.7 billion. The company’s capital expenditures for 2024 are budgeted at RMB 125 billion to RMB 135 billion, focusing on exploration, development, and production.

Looking ahead, CNOOC Limited aims to increase its net production target to 700-720 million BOE in 2024 and further to 780-800 million BOE in 2025. This ambitious growth is supported by a pipeline of new projects and substantial capital investments. The company is also committed to green development, exploring the industrialization of CCS/CCUS technologies and deep-sea wind power generation. CNOOC Limited's dedication to technological innovation and sustainable development positions it well for future growth and value creation.

Rhea-AI Summary
CNOOC reported strong growth in net production and net profit in Q1 2024. Total net production increased by 9.9% YoY to 180.1 million BOE. Net production from China grew by 6.9% YoY to 123.2 million BOE. Overseas net production rose by 16.9% YoY to 56.9 million BOE. The company made 2 new discoveries and successfully appraised 4 structures. Net profit attributable to equity shareholders grew by 23.7% YoY to RMB39.7 billion. CEO expressed satisfaction with the results and emphasized the focus on annual production and operation goals.
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Takeda, Astellas, and Sumitomo Mitsui Banking have announced a master agreement to establish a joint venture company dedicated to the incubation of early drug discovery programs in Japan. The new company aims to advance innovative drug discovery programs, foster entrepreneurship, and create start-up companies to unleash the potential of the drug discovery ecosystem in Japan.
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CNOOC released its 2023 ESG Report highlighting its commitment to ESG management, innovation-driven strategies, green principles, and social responsibilities. The Company won several ESG awards and achieved record highs in reserves and production. CNOOC invested in energy-saving projects, launched green initiatives, and contributed to community development. The PR emphasizes the Company's dedication to sustainable development and modern governance under the leadership of Chairman Wang Dongjin.
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CNOOC announces a major oilfield discovery of Qinhuangdao 27-3 in Bohai Sea, adding over 100 million tons of oil equivalent proved in-place volume. The field has been tested to produce approximately 742 barrels of crude oil per day from a single well.
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CNOOC Limited announces the commencement of the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, located in Liaodong Bay of Bohai Sea. The project is expected to achieve a peak production of approximately 30,300 barrels of crude oil per day in 2025, making it the largest secondary development and adjustment project in offshore China. The company holds 100% interest in the project and acts as the operator, aiming to promote sustainable and green development of offshore oil and gas resources.
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CNOOC Limited announces its business strategy and development plan for 2024, focusing on increasing reserves and production, investment efficiency, and integrated development of new energy and oil and gas business. The net production target for 2024 is 700-720 million BOE, with a focus on China and overseas. The total capital expenditure for 2024 is budgeted at RMB 125-135 billion, with a strong emphasis on exploration, development, and production. The company is also increasing efforts in natural gas exploration and technological innovation, aiming to sustain reserves and production growth. Green development and rewarding shareholders are also key priorities for the company.
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CNOOC Limited (SEHK: 00883, SSE: 600938) announces the commencement of production for the Lufeng Oilfields Phase II Development Project, located in the eastern South China Sea. The project is expected to achieve a peak production of approximately 22,600 barrels of crude oil per day in 2025.
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CNOOC Limited (SEHK: 00883, 80883, SSE: 600938) announces commencement of production at Mero2 Project in Brazil's Santos Basin
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CNOOC Limited (SEHK: 00883, 80883, SSE: 600938) announces the safe commencement of production at the Payara Project, located in the Stabroek Block offshore Guyana. The project operates with 1 FPSO and 41 subsea wellheads, with the FPSO being the third production facility in the Block. Constructed in China and Singapore, it arrived in Guyana in April 2023 and is moored in water depth of [to be completed].
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CNOOC Limited (SEHK: 00883, SSE: 600938) announces the commencement of the Bozhong 19-6 Condensate Gas Field Phase I Development Project, located in central Bohai Sea. The project is expected to achieve a peak production of approximately 37,000 barrels of oil equivalent per day in 2024, supplying stable clean energy to the Beijing-Tianjin-Hebei region and the Bohai Rim region.
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FAQ

What does CNOOC Limited specialize in?

CNOOC Limited specializes in the exploration, development, and production of oil and natural gas.

What are some recent projects of CNOOC Limited?

Recent projects include the Payara Project in Guyana, Mero2 Project in Brazil, Lufeng Oilfields Phase II Development Project in the South China Sea, and the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project in the Bohai Sea.

What is the production capacity of the Payara Project?

The Payara Project is expected to reach a peak production of approximately 220,000 barrels per day in 2024.

How did CNOOC Limited perform financially in the first quarter of 2024?

CNOOC Limited recorded a net production of 180.1 million BOE, marking a 9.9% year-over-year increase, and a net profit of RMB 39.7 billion, a 23.7% year-over-year growth.

What are the future production targets for CNOOC Limited?

The company aims to increase its net production target to 700-720 million BOE in 2024 and further to 780-800 million BOE in 2025.

What are the capital expenditure plans for CNOOC Limited in 2024?

The company's total capital expenditure for 2024 is budgeted at RMB 125 billion to RMB 135 billion, focusing on exploration, development, and production.

What are CNOOC Limited's plans for green development?

CNOOC Limited is exploring the industrialization of CCS/CCUS technologies and deep-sea wind power generation, aiming for sustainable development.

Who are the key partners in the Stabroek Block offshore Guyana?

CNOOC Limited holds 25% interest, ExxonMobil Guyana Limited is the operator with 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest.

What are the major oil and gas projects planned in China for 2024?

Major projects include Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, Bozhong 19-2 Oilfield Development Project, Shenhai-1 Phase II Natural Gas Development Project, and Huizhou 26-6 Oilfield Development Project.

How is CNOOC Limited contributing to technological innovation?

The company leverages technological innovation to sustain reserves and production growth, focusing on key technologies for deepwater exploration, intelligent oil and gas fields, and digital scenarios.

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Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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China (Mainland)
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