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CNOOC Limited Announces Operating Results for Q1 2023

Time:2023-04-28 Size:[ Large Medium Small ]

On April 27, CNOOC Limited announced its operating results for the first quarter of 2023.

In the first quarter of 2023, the company stepped up its efforts in exploration and development, and achieved positive results in increasing reserves and production and improving quality and efficiency. Steady growth in net production was obtained and cost competitiveness was further consolidated.

The total net production was 163.9 million barrels of oil equivalent ("BOE"), representing an increase of 8.6% year over year ("YoY"). The net production from China grew by 5.5% YoY to 115.3 million BOE, which was mainly attributable to the production from the newly commissioned oilfields in the Bohai Sea and the South China Sea. Overseas production rose by 16.6% YoY to 48.6 million BOE, which was mainly driven by increased production from Guyana and Brazil.

During the period, the company made 2 new discoveries and successfully appraised 6 oil and gas structures. The construction of the key projects progressed steadily. Among the 9 new projects scheduled to commence production during the year, 5 projects have started installation.

In the first quarter, the all-in cost was US$28.22 per BOE, down 7.7% YoY. Benefiting from the increase in net production and effective cost control, the quarterly revenue amounted to approximately RMB97.7 billion, an increase of 7.5% YoY; and net profit attributable to equity shareholders of the company remained at a high level of RMB32.1 billion.

The company actively promoted green and low-carbon development. "Haiyou Guanlan", China's first deep-sea floating wind power platform, started offshore installation. Drilling operation for the first offshore CO2 reinjection well has started at Enping 15-1 offshore CCS demonstration project. Green electricity was widely used in offshore oil and gas fields.

Zhou Xinhuai, CEO of the company, said, “In the first quarter, CNOOC Limited made a good start for the year with steady growth in oil and gas production while kept effective control over cost. We will stay focused on our annual targets, press ahead with the tasks and deliver better results to bolster the high-quality development of the company.”

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