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CNOOC reports 2019 results

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Oilfield Technology,

CNOOC Ltd. has announced its 2019 annual results for the year ended 31 December 2019.

In 2019, total net oil and gas production amounted to 506.5 million boe, exceeding 500 million boe for the first time. Multiple projects safely commenced production ahead of schedule.

During the year, 23 commercial discoveries were made and 30 oil and gas bearing structures were successfully appraised. The appraisal of the Bozhong 19-6 condensate gas fields offshore China saw newly-added proved in-place volume sof nearly 200 million m3 of oil equivalent. In addition, five new discoveries were made in the Stabroek block in Guyana, with aggregate recoverable resources of more than 8 billion boe. The reserve replacement ratio of the year reached 144% and the reserve life remained stable at a level above 10 years, which further strengthened the resource foundation for future development. As at the end of 2019, the net proved reserves of the company exceeded 5 billion boe in total.

In 2019, the company’s average realised oil price was US$63.34/bbl, down 5.8% y/y. The average realised natural gas price was US$6.27 per 1000 ft3, down 2.2% y/y. Oil and gas sales revenue reached RMB197.2 billion, an increase of 5.7% y/y. In 2019, the all-in cost per boe decreased by 2% to US$29.78, achieving a reduction for the sixth consecutive year. Volume growth and effective cost control led to better profitability with total net profit rising significantly to RMB61.05 billion, an increase of 15.9% y/y, despite a more than 10% drop in international oil prices.

During the year, the company’s CAPEX was RMB79.6 billion, which fully supported the exploration and development activities. In 2019, the company’s basic earnings per share was RMB1.37. The Board of Directors has proposed a final dividend of HK$0.45 per share (tax inclusive).

Wang Dongjin, Chairman of CNOOC, said: “In 2019, CNOOC Limited adhered to the high-quality development philosophy and exerted excellent organisational and management skills in production and operation, surpassing the annual production target, delivering robust results to the shareholders. 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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