CNOOC falls 66% in 2015

China National Offshore Oil Corp. (CNOOC) may have made 16 new discoveries and appraised 23 oil and gas structures in 2015, but also experienced a net profit decline of 66.4% year-on-year to US$3.1 billion.

Liuhua operations. Image from CNOOC.

The company's revenue was $22.6 billion, a decline of 32.8%. Expenditure decreased by 37.9% to $10.3 billion.

Offshore China, the firm made new discoveries including the mid-to-large sized structure, Liuhua 20-2, and appraised a number of mid-to-large sized oil and gas structures such as Caofeidian 6-4.

Overseas, CNOOC made discoveries in Algeria and Nigeria, and appraised three oil and gas structures including the Libra ultra deepwater oil prospect in the Santos basin in Brazil.

Due to the low oil price, the offshore producer said reserve replacement ratio was 67% for the year. As at the end of 2015, the net proved reserves were approximately 4.32 billion boe.

Annual oil and gas production target was met, with output reaching 495.7 MMboe, an increase of 14.6% year-on-year. The seven projects planned for 2015 have commenced production, coming on stream ahead of schedule.

Company chairman, Yang Hua said in 2015, the firm achieved satisfactory results in different areas of the business notwithstanding the significantly lower capital expenditure.

“Looking ahead, the company may face more complex and challenging production and operating environment,” he said. “We will continue to adjust our business strategy and intensify the activities for the ‘Year of Quality and Efficiency’ program.

“We will endeavor to allow more space for growth through reform and innovation, and to consolidate our achievements through improved systems and policies, so as to ensure the sustainable growth of the company.”

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