CNOOC Achieves Strong Production Growth Despite Market Challenges in Third Quarter 2025

CNOOC Reports Strong Production Growth Amidst Challenging Market Conditions

CNOOC Limited (SEHK: 00883; SSE: 600938) demonstrates robust operational performance in its third-quarter results for 2025, showcasing resilience in the face of fluctuating oil prices. The company's net production reaches 578.3 million barrels of oil equivalent (BOE) over the first three quarters, reflecting a notable 6.7% year-on-year increase. This growth is primarily driven by significant contributions from domestic operations within China, particularly from the Shenhai-1 Phase II and Bozhong 19-2 fields, which together account for an 8.6% rise in domestic production to 400.8 million BOE. The performance highlights CNOOC's strategic focus on enhancing domestic output while navigating external market pressures, such as the 14.6% decline in Brent oil prices.

Additionally, CNOOC's overseas production contributes positively to the overall results, rising by 2.6% year-on-year to 177.4 million BOE, bolstered by the Mero 3 project in Brazil. In the third quarter alone, the company achieves a net production of 193.7 million BOE, marking a 7.9% increase compared to the same period last year. This dual focus on both domestic and international operations illustrates CNOOC's balanced approach to resource development, as the company continues to explore new opportunities while optimizing existing fields.

The company's exploration efforts yield five new discoveries and the appraisal of 22 oil and gas-bearing structures, including the Kenli 10-6 appraisal, expected to evolve into a medium-sized oilfield. CNOOC also initiates production on 14 new projects, including the Kenli 10-2 Oilfields Development Project and the Yellowtail Project in Guyana. These strategic advancements complement CNOOC's financial performance, with oil and gas sales revenue amounting to RMB255.48 billion and a net profit of RMB101.97 billion. CNOOC's ability to reduce its all-in cost per BOE to US$27.35, a 2.8% decrease from the previous year, underscores its commitment to efficient operations and cost control, as reiterated by President Yan Hongtao.

In addition to its production achievements, CNOOC maintains a capital expenditure of approximately RMB86.0 billion, ensuring a steady investment in growth initiatives. The company emphasizes its dedication to achieving full-year objectives despite external challenges. As CNOOC continues to expand its reserves and production capabilities, it positions itself as a resilient player in the competitive energy market, focusing on sustainability and long-term growth in both domestic and international arenas.

Overall, CNOOC's third-quarter results reflect a strategic balancing act between increasing production, exploring new frontiers, and maintaining profitability in an unpredictable market environment. The company remains poised for future growth as it navigates the complexities of the global energy landscape.