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Cnooc reported a 15.9% Y/Y increase in profit to $8.6 bln in its best performance in 5 years

Cnooc reported a 15.9% Y/Y increase in profit to $8.6 bln in its best performance in 5 years

Beijing, March 26 - Neftegaz.RU. Cnooc’s total net oil and gas production exceeded 500 MMboe for the 1st time with 2019 production of 506.5 MMboe, the company said. For FY 2019, Cnooc reported a 15.9% Y/Y increase in profit to $8.6 billion in its best performance in 5 years, on 2.4% higher revenues.

During the year, 23 commercial discoveries were made, and 30 oil and gas bearing structures were successfully appraised. Appraisal of Bozhong 19-6 condensate gas fields offshore China added proved in-place volume of 200 million cu m of oil equivalent . 5 new discoveries were made in the ExxonMobil-operated Stabroek Block offshore Guyana (Cnooc 25%). The company reported a reserve replacement ratio of 144% and reserve life over 10 years. Net proved reserves at the end of the year exceeded 5 billion boe.

China's national offshore energy producer said it will "significantly" cut capital spending and lower targets for oil and gas production in 2020 in response to plunging oil prices.

Cnooc had planned to increase capital spending to $13.3 billion this year, the highest level since 2014, and expected to raise 2020 production to 525M boe.While

The company is still discussing the scale of the cuts, President Xu Keqiang says the group "will strictly control investment, costs and the number of employees."

Cnooc says it has seen only limited impact on its operations from the coronavirus during Q1, and February oil and gas production was higher than a year earlier.

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