CNOOC reports 24% jump in profit in Q1

State-run China National Offshore Oil Corporation (CNOOC) on April 25 announced a 23.7% year/year increase in net profit during the first quarter (Q1) of 2024 thanks to higher realised oil prices and record output levels.

During Q1, CNOOC reported a net profit of 39.7bn yuan ($5.48bn), up from 32.1bn yuan in the same period last year. The total net production was 180.1mn barrels of oil equivalent (boe), up 9.9% year/year.

Production in China was up by 6.9% year/year at 123.2mn boe, largely fuelled by the successful commencement of production from newly commissioned projects. Overseas production also witnessed an uptick, rising by 16.9% year/year to 56.9mn boe, driven primarily by increased output from key regions such as Guyana and Canada. CNOOC's realised oil price during the quarter was up 6.2% year/year.

The company made two discoveries and successfully appraised four oil and gas structures. Bozhong 8-3 South in offshore China was successfully appraised, opening up a new exploration chapter in ultra-deep plays offshore China, CNOOC said. 

Overseas, the discovery of the Bluefin field in the Stabroek block in Guyana added to CNOOC's expanding resource base in the region.