CNOOC's Productivity Hit Records in 2019

CNOOC's Productivity Hit Records in 2019
CNOOC saw multiple operating indicators reach record levels in 2019, according to its recent year-end results.

CNOOC Ltd. saw multiple operating indicators reach record levels in 2019, according to its recent year-end results. Its total net oil and gas production was 506.5 million barrels of oil equivalent, exceeding 500 million BOE for the first time. Multiple projects also commenced production ahead of schedule.

During the year, 23 commercial discoveries were made, and 30 oil and gas bearing structures were successfully appraised. Also, the appraisal of Bozhong 19-6 condensate gas fields in offshore China made breakthroughs again, with newly added proved in-place volumes of nearly 200 million cubic meters of oil equivalent.

Meanwhile, five new discoveries were made in Stabroek block in Guyana, with aggregate recoverable resources of more than 8 billion BOE. The company’s reserve replacement ratio of 2019 hit 144% and the reserve life remained stable at a level above 10 years, according to the company.

As at the end of 2019, the company’s net proved reserves exceeded 5 billion BOE in total.

In 2019, the all-in cost per BOE decreased by 2% for the company to $29.78, marking a reduction for the sixth straight year. And finally, total net profit climbed to RMB61.05 billion, an increase of 15.9% year on year, despite more than a 10% drop in international oil prices.

"In 2019, CNOOC Limited adhered to the high-quality development philosophy and exerted excellent organizational and management skills in production and operation, surpassing the annual production target, delivering robust results to the shareholders,” Wang Dongjin, Chairman, said in a written statement. “In the future, we will continue to focus on our own development, implement more stringent cost controls and more prudent investment decisions, strengthen cash flow management, and maintain the Company's long-term sustainable development."

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