HONG KONG – CNOOC achieved record production of 528.2 MMboe in 2020.
Last year, the company made 16 commercial discoveries and appraised 42 oil and gas structures.
Notable discoveries included Kenli 6-1 and Bozhong 13-2 oil and gas fields in Bohai Bay; Huizhou 26-6, a medium-sized oil and gas field in the eastern South China Sea; and three new oil fields in the Stabroek block offshore Guyana.
At the end of 2020, the company’s proved reserves hit a record high of 5.373 MMboe.
The company’s all-in cost decreased to $26.34/boe, down 11.6% year-over-year (YoY), hitting a 10-year low. Operating cost reduced to $6.90/boe, down 6.7% YoY, hitting a 13-year low.