#Oil and Gas #CNOOC Limited #Profit Growth

CNOOC Limited Reports Record Reserves and Production for 2025

CNOOC Limited, a key player in the oil and gas sector, has announced its annual results for the year ending December 31, 2025. The company marked a significant achievement with a net production of approximately 2.13 million barrels of oil equivalent (BOE) per day. This is accompanied by a net profit attributable to equity shareholders reaching RMB122.1 billion, reflecting its resilience and strategic focus on cost control amidst fluctuating commodity prices.

Performance Overview

CNOOC Limited has emphasized steady growth in production while ensuring rigorous cost management. Over the last five years, the company has made an impressive total of 66 new discoveries, contributing to a compound annual growth rate (CAGR) of net production at approximately 8%. The 2025 performance resulted in a new record of 2.13 million BOE per day, bolstered by a diverse portfolio of oil and gas discoveries both in China and abroad.

In terms of exploration, CNOOC Limited has devoted itself to value-driven assessments, achieving new milestones in its oil and gas reserves. Notably, the company was recognized by Wood Mackenzie as the National Oil Company (NOC) Explorer of the Year for the first time. In 2025, they made significant discoveries, including six oil and gas fields and appraisals of 28 structures. Proved reserves escalated to 7.77 billion BOE, reflecting a 6.9% year-on-year increase.

The company's exploration activities yielded fruitful results in various regions. New discoveries in China, such as Longkou 25-1 and Qinhuangdao 29-6, and successful appraisals in Guyana's Stabroek Block illustrate the company’s focused approach to enhancing its resource base.

Production Capabilities

CNOOC Limited's production capabilities are equally impressive. In tandem with the discovery of new oilfields, the company brought numerous projects online in 2025, enhancing production reserves and recovery rates. The total net oil and gas production saw a year-on-year increase of 7%, totaling 777.3 million BOE, with crude oil production rising by 5.8% and natural gas by a notable 11.6%.

To maintain sustainable production levels and to mitigate natural decline rates, the company has implemented advanced technologies, including intelligent water injection techniques. These innovations have successfully reduced the natural decline rate to 9.5%, contributing to stable production output across its oilfields.

Harnessing Technological Innovation

CNOOC Limited continues to leverage technology and innovation for growth. Advanced geophysical techniques have improved seismic data quality, empowering the company to discover new deep-water fields such as Huizhou 19-6. Their commitment to technological improvement is mirrored in enhanced drilling efficiency, achieving the best metrics in five years.

Additionally, initiatives under the