China National Offshore Oil Corporation (CNOOC) reported a net profit of CNY36.92bn ($5.17bn) in Q3 2024, an increase of 9%, compared to CNY33.88bn ($4.75bn) in the same quarter of the previous year.

The Chinese state-owned oil and gas firm earned revenue of CNY99.25bn ($13.9bn) in the reported quarter, a decline of 13.5%, compared to revenue of CNY114.75bn ($16.07bn) in Q3 2023.

In Q3 2024, CNOOC’s net production was 179.6 million barrels of oil equivalent (mboe), which is a 7% increase, compared to 167.8mboe in the corresponding quarter of the prior year.

In the first nine months of 2024, CNOOC recorded a 19.5% year-on-year (YoY) increase in net profit, attributable to equity shareholders, amounting to CNY116.66bn. This rise in net profit came as the company maintained its cost efficiency, with an all-in cost of $28.14, flat compared to the previous year.

CNOOC’s revenue from oil and gas in the first nine months of 2024 grew by 13.9% YoY, reaching CNY271.43bn, despite relatively stable Brent oil prices during the period.

The company’s net production rose to 542.1mboe in the first three quarters of this year, an 8.5% YoY increase. Domestic production contributed significantly to this, climbing by 6.8% YoY to 369.2mboe.

Key oil and gas fields such as Bozhong 19-6 and Enping 20-4 played crucial roles in bolstering the domestic production figures.

CNOOC’s overseas production, on the other hand, surged by 12.2% YoY to 172.9mboe in the first nine months of 2024, largely due to expanded output from the Payara project in Guyana.

In terms of exploration, CNOOC, in the first three quarters of this year, reported nine new discoveries, with appraisals completed on 23 oil and gas-bearing structures. A major discovery, Wenchang 10-3 East, was made offshore China, showcasing the exploration potential within the western Pearl River Mouth Basin.

CNOOC said that another key prospect, Caofeidian 23-6, was successfully appraised and is anticipated to become a significant oilfield.

The company also advanced several development projects, launching seven new initiatives, including the Bozhong 19-2 Oilfield Development Project, the Liuhua 11-1/4-1 Oilfield Secondary Development Project, and the Shenhai-1 Phase II Natural Gas Development Project.

CNOOC CEO and president Zhou Xinhuai said: “In the first three quarters, despite the volatile external environment, the staff of CNOOC Limited remained committed to their responsibilities and worked diligently to achieve record high net production and net profit for the same period in history.

“In the fourth quarter, we will continue to focus on the annual target and strive to accomplish the production and operation tasks for the whole year.”