The Chinese energy group CNOOC has released its 2021 results. The group's net hydrocarbon production rose by 8.5% to 573 mboe, with crude oil and liquid production increasing by 7.9% to 452 mbl and gas production rising by nearly 11% to 701 bcf (19.8 bcm). This increase in production, coupled with much higher prices (+66% for oil and +13% for gas), contributed to a 59% surge in oil and gas sales to CNY222bn (US$35bn) and to a 182% growth in net profit to over CNY70bn (US$11bn). During 2021, CNOOC made a total of 22 commercial discoveries, including 16 in offshore China in the Bohai basin, the Eastern South China Sea and the Western South China Sea, and 6 in the Stabroek Block in Guyana (over 10 Gboe of total recoverable resources in this block). More precisely, four mid-to-large sized discoveries were announced offshore China, including the Kenli 10-2 field (proved in place volume of over 100 Mt of crude oil), Luda 10-6 (over 35 Mtoe), Bonzhong 13-2 Encirclement Area (over 30 Mtoe) and Baodao 21-1. CNOOC's net proved reserves continued to grow and reached 5.73 Gboe in 2021, with reserve life remaining above 10 years.
In 2022, CNOOC plans to invest CNY 90-100bn (US$14-15.8bn) to reach a production target of 600-610 mboe in 2022, 640-650 mboe in 2023 and 680-690 mboe in 2024, of which over 65% should be achieved in China.