CNOOC’s production nearly 9% up in 9M

Exploration during the period resulted in nine new discoveries.

CNOOC Limited has reported an 8.5% increase in its net production during the first nine months of the year to reach 542.1 million barrels of oil equivalent (BOE).

In a statement, the company said net production from China grew by 6.8% year-on-year (YoY) to 369.2 million BOE mainly due to the production from oil and gas fields including Bozhong 19-6 and Enping 20-4. Net production from overseas also rose by 12.2% YoY to 172.9 million BOE thanks to increased production from the Payara project in Guyana.

CNOOC made nine new discoveries and successfully appraised 23 oil and gas-bearing structures. Key findings include Wenchang 10-3 East, a natural gas discovery in the Pearl River Mouth Basin, and Caofeidian 23-6, a potential large or medium-sized oilfield. Seven new projects, such as Bozhong 19-2 and Shenhai-1 Phase II, began production, whilst others continue to progress.

In the first three quarters, the company logged a 19.5% increase in its net profit attributable to equity shareholders, reaching $16.37b (RMB116.66b). Oil and gas revenue also rose 13.9% to $38.08b (RMB271.43b).

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