CNOOC Limited Reports Strong Q3 2025 Performance and Project Development

On October 30, 2025, CNOOC Limited, a key player in the oil and gas industry, shared its operational results for the third quarter of the year. The company has shown remarkable growth and resilience, continuing to expand its production capabilities despite external market pressures.

Steady Growth in Production

In the first nine months of 2025, CNOOC's net production reached 578.3 million barrels of oil equivalent (BOE), reflecting a year-on-year increase of 6.7%. Among these figures, natural gas production surged by 11.6%, highlighting the company's shift towards cleaner energy production. The domestic yield from China specifically grew by 8.6% to 400.8 million BOE, thanks in large part to enhanced output from significant projects such as the Shenhai-1 Phase II and Bozhong 19-2 oil fields.

Meanwhile, overseas production saw a moderate rise of 2.6% year-on-year, totaling 177.4 million BOE, largely driven by the Mero 3 project in Brazil. In Q3 alone, total production hit 193.7 million BOE, achieving a noteworthy 7.9% increase compared to the same period last year.

Exploration and Discoveries

CNOOC’s exploration efforts have resulted in five new discoveries in oil and gas, along with successful appraisals of 22 previously identified structures during the quarter. Notably, the appraisal of Kenli 10-6 signals potential growth, as it is poised to develop into a medium-sized oil field. Additionally, the Lingshui 17-2 project has illustrated significant progress towards integrated exploration strategies.

New Projects and Cost Management

The company initiated production on 14 new projects in the first three quarters, including several notable developments such as the Kenli 10-2 Oilfields Development Project (Phase I) and the Yellowtail Project in Guyana. This proactive approach to project launch is vital for maintaining a competitive edge in an ever-challenging market.

Despite a drop in Brent oil prices—down 14.6% year-on-year—CNOOC managed to maintain strong profitability levels. The oil and gas sales revenue for the reported period reached RMB 255.48 billion, with a net profit attributed to equity shareholders at RMB 101.97 billion. Cost management remained a priority, with an all-in cost per BOE at approximately US$27.35, reflecting a 2.8% decrease from the previous year.

Commitment to Safety and Environmental Standards

CNOOC has also stressed its commitment to workplace safety and environmental stewardship, maintaining stable performance in these critical areas. President Yan Hongtao emphasized the company's focus on effective project execution and cost control to meet operational targets as they move into the final quarter of 2025.

Future Outlook

As CNOOC Limited looks ahead, it remains determined to meet its production and operational objectives amid fluctuating market conditions. The company's strategic focus seems firmly set on bolstering its production capabilities while navigating the complexities of the global oil market.

To read more about CNOOC Limited and its operations, visit CNOOC website.