The Chinese oil and gas group CNOOC has released its 2022 results, in which the company posted a net profit of CNY141.7bn (US$20.6bn), a more than twofold increase compared to 2021 (CNY70.3bn). Total revenues for 2022 stood at CNY422.2bn (US$61.3bn), a 72% increase year-on-year.
CNOOC’s total oil and gas output stood at 624 mboe, an 8.9% increase compared to 2021 (573 mboe). The company targets 650 to 660 mboe for 2023 and a 6% average annual production growth. The group’s net proved reserves increased to 6,240 mboe with 18 new commercial discoveries in 2022. The reserve replacement ratio stood at 182%, and the reserve life remained at 10 years. A total of 9 new projects were put into operation in 2022, and over 40 projects were under construction.
The average oil price for the year was US$96.59/barrel, up 42% year-on-year, and the average natural gas price was US$8.58 per thousand cubic feet (+23.5%).