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CNOOC Limited's 2025 Interim Results: A Beacon of Resilience and Growth

CNOOC Limited, one of China's largest national oil companies, unveiled its 2025 interim results, revealing remarkable progress in oil and gas production along with a robust profit performance. Despite the challenges posed by fluctuating oil prices, the company has reported a significant boost in net production, highlighting its resilience and strategic foresight in a volatile market.

Key Highlights of the Results

In the first half of 2025, CNOOC achieved a net production of 384.6 million barrels of oil equivalent (BOE), marking an impressive 6.1% year-on-year increase. This growth was bolstered by a 12% rise in natural gas production, underscoring the company's commitment to diversifying its energy portfolio. As global demand for cleaner energy sources continues to surge, CNOOC's enhanced gas output positions it favorably in the competitive energy landscape.

The company saw net profit attributable to equity shareholders reach an astounding RMB 69.5 billion, signaling robust profitability in an unpredictable market. CNOOC's prudent cost management, reflected in a stable all-in cost of US$26.94 per BOE, has been pivotal in maintaining its competitive edge.

Strategic Advancements and Discoveries

CNOOC's aggressive exploration strategy has yielded fruitful results in both domestic and international arenas. In 2025 alone, the company reported five new oil and gas discoveries, successfully appraising 18 oil and gas-bearing structures. Notable discoveries include the Jinzhou 27-6 and Caofeidian 22-3 offshore, alongside promising reserves in Guyana and a new exploration contract in Kazakhstan. These initiatives not only expand the company's resource base but also enhance its future growth prospects.

Major Project Developments

The operational excellence of CNOOC is highlighted by the commissioning of 10 oil and gas field development projects during the period, including significant developments in Brazil. Projects like the Bozhong 26-6 and Wenchang 9-7 have already commenced production, contributing to record-high outputs. The Shenhai-1 project is set to become China's largest offshore gas field, expected to yield over 4.5 billion cubic meters of natural gas per annum.

Embracing Innovation and Green Transition

CNOOC's growth is accompanied by a strong commitment to innovation and sustainability. The company is advancing its digital and intelligent transformation, integrating new technologies that enhance resource extraction efficiency and minimize environmental impact. This includes the application of permanent magnet electric submersible pumps and innovative AI-driven solutions which optimize drilling activities and enhance seismic data quality.

Noteworthy strides have also been made in the green transition, with CNOOC producing over 900 million kWh of green power in the first half of the year. The company’s offshore CCUS project on the Enping 15-1 platform represents a pioneering effort in carbon capture and utilization, further demonstrating its commitment to environmentally-friendly practices.

Future Outlook

Looking ahead, Chairman Zhang Chuanjiang emphasized the company’s strategy to sustain growth while ensuring safety and operational efficiency. With market conditions remaining unpredictable, CNOOC is poised to navigate these challenges through its sound management practices and a clear focus on high-quality development.

Amid these achievements, CNOOC continues to prioritize shareholder returns, recently announcing an interim dividend of HK$0.73 per share, reflecting its robust financial health and commitment to stakeholder value.

CNOOC Limited's interim results not only underscore its operational accomplishments but also signal a promising future driven by innovation and sustainable energy practices. As the company pursues its vision of becoming a leading global energy provider, its unwavering focus on efficient operations and strategic growth will be central to achieving its ambitious goals.