HOUSTON, TEXAS (Editors at Energy Analytics Institute, 27.Mar.2025) — CNOOC Limited and 80883 announced 2024 annual results for the year ended 31 Dec. 2024, which showed reserves and production both grew by over 7% and net profit attributable to equity shareholders increased by 11.4%.
“In 2024, we drove reserve and production growth through technological innovations, solidified our development foundation with cost advantages, and rewarded shareholders’ trust with stable dividends. Looking ahead, CNOOC Limited will continue to increase reserve and production, enhance quality and efficiency, deliver tangible results to better reward shareholders, and to write a new chapter of high-quality development,” CNOOC chairman Wang Dongjin said on 27 Mar. 2025 in an official company statement.
CNOOC continued to capture high-quality growth over 2024. Despite the challenging macroeconomic trends, CNOOC Limited stuck to its strategy of increasing reserves and production while strictly controlling costs.
CNOOC adopted multiple measures to tap into its production potential. New records of production have been set for multiple years in a row. In 2024, the company recorded a net oil and gas production of 726.8 million barrels of oil equivalent (MMboe), a year-over-year (YOY) increase of 7.2%. In China, thanks to the contributions from Bozhong 19-6 oilfield and other oil and gas fields, net production rose by 5.6% YOY.
Overseas, the commissioning of projects including the Payara project in Guyana drove net production to surge by 10.8% YOY, according to CNOOC.
CNOOC adhered to a value-driven exploration strategy, and expanded its resource base. 11 oil and gas discoveries were made throughout the year and 30 oil and gas structures were successfully appraised. By year-end 2024, the net proved reserves reached 7,270 MMboe, up 7.2% YOY. The reserve life of the company remained at 10 years.
CNOOC continued to innovate exploration theories and technologies.
In China, multiple discoveries were made under the guidance of the exploration theories, including Longkou 7-1, Qinhuangdao 29-6, Huizhou 19-6, and Lingshui 36-1. Overseas, CNOOC expanded its global exploration footprint along the Atlantic rim and the “Belt and Road” countries. This year, CNOOC was awarded petroleum contracts for 10 exploration blocks in Mozambique, Brazil and Iraq.
CNOOC accelerated the development of new quality productive forces, which had remarkably enhanced its operational efficiency. Asia’s first cylindrical FPSO, Haikui-1, and Asia’s tallest deepwater jacket platform, Haiji-2, were put into operation. This combination created a new model for deepwater oil and gas fields development, and enabled efficient and cost-effective extraction of oil and gas resources.
Digital and intelligent transformation progressed steadily. A batch of smart oil and gas fields, such as “Shenhai-1” and Qinhuangdao 32-6 oilfield, were built, and the unmanned rate of offshore platforms steadily increased. Standardized engineering and construction were promoted, effectively accelerating project progress. Several key projects of the year were commissioned ahead of schedule. In 2024, CNOOC’s capital expenditure reached RMB132.5bn, strongly supporting new projects development and production growth.
Green transition
CNOOC upheld its commitment to sustainable development, prioritizing production safety and actively exploring green transition pathways. During the year, the company effectively managed challenges such as super typhoon “Yagi”, and ensured stable operation of the offshore oil and gas fields.
Green and low-carbon production of oil and gas resources yielded tangible results. Wushi 23-5 oilfields, the first green design oilfield offshore China, was put into production. The 3 phases of the Bohai onshore power project acheived full operation. A total of 760 million kilowatt-hours of green electricity was used by the company in 2024.
Within the year, the world’s first 16-megawatt tension-leg floating wind power platform commenced construction, with a designed annual power generation capacity of 54 million kilowatt-hours. At the same time, CNOOC steadily advanced its carbon-neutral and carbon-negative sectors. The Daya Bay CCS/CCUS cluster research and demonstration project progressed steadily, and 2 offshore CCUS bases in the Bohai Sea and Hainan were under construction.
Outstanding performance
CNOOC maintained lean management, kept profitability at a high level and navigated through oil price cycles with outstanding performance. In 2024, the oil and gas sales of the company reached RMB355.6bn and the net profit attributable to equity shareholders reached RMB137.9bn, up 11.4% YOY. The all-in cost was US$28.52/boe, down 1.1% YOY, further reinforcing its cost-competitive advantage.
To share the achievements of development with shareholders, the Board of Directors has recommended a final dividend of HK$0.66 per share (tax inclusive). The annual dividend is HK$1.40 per share (tax inclusive). The dividend payout ratio stood at 44.7%, fulfilling the company’s dividend commitment to a high standard.
CNOOC actively fulfilled its corporate social responsibilities, and strove to maximize its social contributions.
In 2024, the company provided over 22,000 jobs in more than 20 countries and regions worldwide. Community co-development initiatives were promoted. In particular, its local talent development program in Uganda was selected to the Award List of the Fifth Global Solicitation on Best Poverty Reduction Practices Campaign.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
