CNOOC achieves net profit of 70.3 billion yuan last year, the best level ever

On March 30, CNOOC Limited announced the company's 2021 annual results for the year ending December 31, 2021.

In 2021, CNOOC adhered to the business strategy of seeking progress in a stable manner, integrated the normal management of epidemic prevention and control into production and operation, seized the favorable opportunity of the recovery of international oil prices, focused on its main business, expanded its advantages, continued to make breakthroughs in reserve production, significantly increased oil and gas sales revenue, and achieved a record high net profit for the year.

The Company continued to adhere to the concept of value exploration and made a total of 22 commercial discoveries throughout the year.

In Chinese waters, four large and medium-sized oil and gas discoveries, including the Kenli 10-2 oil field, were successfully made.

Overseas, six more new discoveries were made in the Stabroek block in Guyana, with total recoverable resources exceeding 10 billion barrels of oil equivalent.

Proven reserves climbed continuously to 5.73 billion barrels of oil equivalent, with a reserve replacement rate of 162% and a stable reserve life of over 10 years in a row.

During the year, a total of 14 new projects were successfully put into operation. The "Deep Sea No. 1" ultra-deepwater gas field was successfully put into operation, which will help build a trillion-cube gas area in the South China Sea, and the Bohai oilfield was built as China's No. 1 crude oil production base. Net oil and gas production for the year reached a record high of 573 million barrels of oil equivalent.

The Company always insisted on improving quality, reducing costs and increasing efficiency, significantly enhancing profitability and significantly improving the ability of overseas assets to generate efficiency.

The average realised oil price for the year was US$67.89 per barrel, an increase of 65.7% year-on-year, and the average realised gas price was US$6.95 per thousand cubic feet, an increase of 12.6% year-on-year. The main cost of a barrel of oil was US$29.49 and the operating fee for a barrel of oil was US$7.83, maintaining a competitive cost advantage.

For the year, oil and gas sales revenue was RMB222.1 billion, an increase of 59.1% year-on-year, net profit was RMB70.3 billion, an increase of 181.7% year-on-year, and basic earnings per share were RMB1.57, reaching the best ever level.