Buzzard oil field phase II in the UK Photo: Courtesy of CNOOC

China National Offshore Oil Corp (CNOOC) on Thursday said its free cash flow and net output both hit historical highs in 2021, boosted by global cooperation projects despite pandemic-induced disruptions. 

The offshore oil and gas producer giant last year finished acquisition of the Buzios oilfield in Brazil and pushed forward the Buzzard oil field phase II in the UK, according to a statement sent by CNOON to the Global Times on Thursday. The Long Lake oil sands project in Canada also entered operation. 

In Africa, CNOOC secured natural gas deal in Nigeria while also accelerated the construction of a project in Uganda. 

The company reported 720 million boe (barrel of oil equivalent) of new proved crude oil reserve as part of its Iraqi project. 

Exploring core exploration techniques, CNOOC led talent development projects in Africa, Brazil and Guyana in order to improve the firm's deep-water capability, and has achieved breakthroughs in drilling and digital pressure test technologies. 

While the majority of major countries have revealed their net zero goals, the Chinese offshore specialist took the initiative to further adopt a green transformation agenda. It is eyeing carbon capture, utilization and storage (CCUS) and hydrogen projects in North America. 

With the growth of the Belt and Road Initiative, CNOOC will focus on improving the structure of its overseas assets, acquire larger overseas market share, read the statement. 

In line with China's fuel demand, the firm expected its domestic crude oil output to hit a peak by 2030 and domestic natural gas to peak by 2035.

The firm met its goal and produced around 570 million boe, CNOOC said.

Global Times