Core Viewpoint - In 2024, China National Offshore Oil Corporation (CNOOC) reported a year-on-year increase in oil and gas sales revenue and net profit despite a decline in international oil prices, indicating resilience and operational efficiency in a challenging market environment [1][3]. Financial Performance - CNOOC's total oil and gas sales revenue reached RMB 355.6 billion, up 8.4% year-on-year [1]. - The net profit attributable to shareholders was RMB 137.9 billion, reflecting an 11.4% increase [1]. - The average cost per barrel was controlled at USD 28.52, a decrease of approximately 1.1% year-on-year, marking one of the lowest levels in recent years [3]. Production and Capacity - CNOOC achieved a net production of 726.8 million barrels of oil equivalent, a 7.2% increase compared to the previous year, exceeding the initial production guidance [3]. - The company’s proven reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, significantly above the industry standard of 100% [4]. Future Production Goals - CNOOC set production targets for 2025 to 2027, aiming for 760-780 million barrels, 780-800 million barrels, and 810-830 million barrels of oil equivalent, respectively [2][5]. Cost Control and Efficiency - The company is focusing on engineering standardization, intelligent management, and lean management to reduce costs and improve efficiency [4][5]. - CNOOC's capital expenditure for 2024 is projected at RMB 132.5 billion, with investments directed towards key oil and gas field development and new energy projects [4]. Natural Gas and Green Transition - CNOOC is enhancing its natural gas business as a key transitional energy source, with significant projects underway in both domestic and international markets [7][8]. - The company is also investing in renewable energy projects, including offshore wind power and carbon capture, utilization, and storage (CCUS) initiatives [9]. Compliance and Risk Management - CNOOC is strengthening its compliance framework to navigate uncertainties in the international trade environment, ensuring smooth operations across its business segments [6].