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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.
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