The Chinese state-owned oil and gas company CNOOC has released its 2023 results, in which the group posts a net profit of CNY123.8bn (US$17.2bn), 13% below 2022 levels (which had been a record year for the company). CNOOC’s oil and gas output reached 678 mboe in 2023, an 8.7% increase compared to 2022. The company exceeded its 2023 target to reach a production between 650 and 660 mboe.
CNOOC’s net proved reserves stood at about 6,780 mboe at the end of 2023, up from 6,240 mboe in 2022 (+8.7%). The company’s reserve replacement ratio reached 180% and the reserve life remained above 10 years, for a seventh consecutive year. The group sold 653 mboe of hydrocarbons in 2023 (+8.2%), including 514.5 mbl of crude and liquids (+7.5%) and 807.4 bcf (23 bcm) of natural gas (+11%).
In January 2024, CNOOC announced a net production target for 2024 of 700 to 720 mboe, of which production from China will account for 69% and production from overseas 31%. This represents an 8-9% increase compared to the company’s production target for 2023. In addition, in March 2024, CNOOC made two significant discoveries, each holding more than 100 Mt of oil and gas.