2023: CNOOC's net profit drops 12.6%, but production and reserves hit records.

CNOOC, China's state-held oil and gas company, reports a 12.6% drop in 2023 net profit to $17.2 billion (123.8 billion Chinese yuan) from a record high in 2022 due to lower international oil prices. Despite this, the company's production reached a record-high of 678 million barrels of oil equivalent (BOE) in 2023, surpassing the 650 million BOE guidance. CNOOC's net proved reserves also reached an all-time high at the end of 2023.

March 21, 2024
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