Publications

CNOOC's hydrocarbon output increased by 6.6% in 2019 (China)

26 Mar 2020

China state-owned China National Offshore Oil Corporation (CNOOC) has reported a revenue of CNY233.2bn (US$32.8bn) in 2019 (+2.4%) and a net profit of CNY61 (US$8.6bn, +15.9%), despite a more than 10% decrease in international oil prices. Capital expenditure reached CNY79.6bn (US$11.2bn) in 2019. However, due to the current economic context, capital expenditure - initially expected at CNY 85-95bn (around US$13bn) in 2020 - will be cut significantly.

CNOOC’s hydrocarbon output increased from 475 mboe in 2018 to 506.5 mboe in 2019 (+6.6%).The company made 23 commercial discoveries were made and appraised 30 oil and gas bearing structures. In particular, CNOOC added nearly 200 mcm of oil equivalent at the Bozhong 19-6 condensate gas fields in offshore China - the company started production from the Bozhong 34-9 oilfield south of the Bohai Sea - and made a new discovery in the Kenli 6-1 oilfield in Bohai Bay. In addition, CNOOC made five new discoveries in the Stabroek block in Guyana, with recoverable reserves of more than 8 Gboe. At the end of 2019, CNOOC's net proved reserves exceeded 5 Gboe and its reserve life remained above 10 years, thanks to a reserve replacement ratio of 144%.

CNOOC planned to raise its production to 525 mboe in 2020 but the group will now lower its production target at its overseas projects, while maintaining production targets in China.

Register to receive our daily newsletter


Interested in Global Energy Research?

Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.

This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.