CNOOC's Oil and Gas Output Hits Record High in H1

China National Offshore Oil Corporation (CNOOC), a Chinese state-owned offshore oil and gas development enterprise, recently released a report on its performance in the first half of this year.

By improving strategies and promoting production and operation, the company realized breakthroughs in storage and production, made progress in major projects and gained record highs and great increases in net output and profit.

Specifically, the company had nine exploration discoveries and evaluated 14 oil and gas-bearing structures in H1, which consolidated the resource base for sustainable development.

Domestically, CNOOC evaluated the structure of the Kenli 10-2 oilfield and proved it has geological reserves of nearly 100 million metric tons, and tested the Baodao 21-1 oilfield proving it has preliminary prospects of 100 billion cubic meters of natural gas reserves.

In overseas regions, the company discovered the Uaru-2 and Longtail-3 oilfields in the Stabroek block in Guyana, which have cumulative recoverable resources equal to more than 9 billion barrels of oil equivalent.

Six of CNOOC's new projects have been put into production on schedule and other projects are steadily progressing.

According to the company, its net oil and gas output in H1 reached 278.1 million barrels of oil equivalent, up 7.9 percent year-on-year, a historical record high. The net output of the Chinese oilfields was 192.8 million barrels of oil equivalent, up 10.8 percent year-on-year.

What's more, oil and gas sales revenue of the company was 100.63 billion yuan ($15.55 billion), a year-on-year growth of 51.7 percent, and net profit of 33.33 billion. The company's capital expenditure in H1 was 36 billion yuan.

Thanks to its good financial performance, CNOOC has decided to pay a 2021 interim dividend of HK$0.30 per share (tax included).

In the past six months, Lingshui 17-2, CNOOC's first large offshore deepwater self-operated gas field, and the energy station SHENHAIYIHAO, the world's first 100,000-ton deepwater semi-submersible production and storage platform, were put into operation. Adding to its breakthroughs in development of key technologies, CNOOC is experiencing a historic leap of exploration to 1,500-meter ultra-deepwater, which is expected to help improve storage, production and supply of natural gas.

(Executive editor: Niu Yilin)