CNOOC achieves record production and profit

CNOOC Limited achieved record high net production and net profit for the third quarter of 2024, the company said on Monday.

In the first nine months this year, the company recorded a net production of 542.1 million barrels of oil equivalent, representing an increase of 8.5 percent year-on-year. The net production from China grew by 6.8 percent year-on-year to 369.2 million BOE, while that from overseas rose by 12.2 percent year-on-year to 172.9 million BOE, it said.

The company meanwhile realized a significant increase of 19.5 percent year-on-year in net profit attributable to equity shareholders, which amounted to 116.66 billion yuan. The oil and gas revenue of the company rose to 271.43 billion yuan during the period of time, a year-on-year increase of 13.9 percent.

The company’s capital expenditures amounted to approximately 95.34 billion yuan, a year-on-year increase of 6.6 percent, it said.

zhengxin@chinadaily.com.cn