CNOOC sets new records in both reserves and production in 2023

CNOOC Limited set new records in both reserves and production in 2023 despite the slowdown in global economic growth and the decline in international crude oil prices, the company said on Thursday.

Oil and gas net production reached 678 million barrels of oil equivalent (BOE) last year, representing a year-on-year growth of 8.7 percent, setting a new record for five consecutive years. The compound annual growth rate of net production from 2019 to 2023 reached 7.6 percent, making the company an industry leader in terms of production growth rate, it said.

The Bohai oilfields remained the largest crude oil production base in China, while Guyana and Brazil continued to serve as the main drivers of overseas production growth, it said.

As many as 9 discoveries were made last year, and 22 oil and gas structures were successfully appraised. Net proved reserves reached 6.78 billion BOE and the reserve replacement ratio stood at 180 percent, it said.

In China, it successfully appraised large oilfields such as Bozhong 26-6 and Kaiping South, each adding over 100 million tons of proved in-place volume. The first onshore deep-play coal bed methane field with proven in-place volume of over 100 billion cubic meters was also discovered during the year. Overseas, one more discovery with proven in-place volume of over 100 million tons was made in Guyana.

"In 2023, we worked diligently to meet our targets. We have successfully completed all the tasks for the year and achieved new highs on reserves and production," said Wang Dongjin, chairman of the company.

"Looking ahead, CNOOC Limited will continue to enhance our energy supply capacity, technological innovation, value creation capabilities, and strive for high-quality development."

The company generated a total annual revenue of 416.6 billion yuan ($57.86 billion) and net profit attributable to equity shareholders of 123.8 billion yuan, it said.