The Chinese state-owned oil and gas company CNOOC has released its 2024 results, in which the group posts a net profit of CNY137.9bn (US$19bn), an 11% increase compared to 2023.
CNOOC’s oil and gas output reached 727 mboe in 2024, a 7% increase compared to 2023. The company exceeded its 2024 target to reach a production between 700 and 720 mboe. Oil output stood at 567 mbl in 2024 (+7%), while gas output also rose by 7.5% to 929 bcf (26.3 bcm). CNOOC’s hydrocarbon production in China reached 493 mboe in 2024 (+6%), with oil production reaching 377 mbl (+5%) and gas output reaching 685 bcf (19.4 bcm, +7%).
CNOOC’s net proved reserves stood at 7,271 mboe at the end of 2024, up from 6,784 mboe in 2023 (+7%). The company’s reserve replacement ratio reached 167% and the reserve life remained above 10 years, for a eighth consecutive year.
In January 2025, CNOOC announced a net production target for 2025 of 760 to 780 mboe, as well as a production target of 780 to 800 mboe for 2026.