CNOOC's reports 10% drop in profit in January-September
CNOOC, China's state-owned offshore oil and gas producer, announced on October 24 that its net profit attributable to equity shareholders for the first three quarters of 2023 was 97.65bn yuan ($13.35bn), down 10.2% year/year due to lower realised oil and gas prices. However, the company's total net production hit a record high for the same period, up 8.3% year/year.
The company's average realised oil price for the first three quarters was $76.84/barrel, down 24.2% from the same period last year. The average realised gas price was $7.92/'000 ft3, down 2.7% year/year.
Despite the lower prices, CNOOC was able to achieve record production growth, thanks to the contribution from new projects such as Kenli 6-1 and Lufeng 15-1 in China, and the production of Liza Phase II in Guyana and Buzios oilfield in Brazil. CNOOC achieved a total net production of 499.7mn barrels of oil equivalent (boe) for the first three quarters of 2023.
CNOOC's capital expenditures for the first three quarters of 2023 amounted to approximately 89.46bn yuan, up 30.2% year-over-year.