CNOOC Limited Reports Strong Production and Profitability in Q1 2025

CNOOC Limited's Strong Performance in Q1 2025



CNOOC Limited, a prominent player in the oil and gas sector, has released its operational results for the first quarter of 2025, showcasing robust production growth amidst fluctuating oil prices. The company's net production reached 188.8 million barrels of oil equivalent (BOE), signifying a year-on-year increase of 4.8%. Notably, production within China surged by 6.2%, primarily fueled by the output from the Bozhong 19-6 oil field. Conversely, international ventures recorded a modest rise of 1.9% to 58.0 million BOE, substantially driven by the Mero 2 project in Brazil.

During this quarter, CNOOC Limited not only highlighted its production achievements but also marked significant exploration milestones. The company made two new discoveries and effectively appraised 14 oil and gas structures. Among these, the Huizhou 19-6 oil field surpassed a hundred million tons of proven resources, and the Weizhou 10-5 site unveiled promising exploration opportunities in the Beibu Gulf Basin. Furthermore, projects like the Panyu 10/11 Block Joint Development and the Dongfang 29-1 Gas Field Development were successfully initiated, further propelling the company’s growth trajectory.

Despite a challenging market environment where the Brent oil prices dropped by 8.3% year-on-year, CNOOC Limited maintained a resilient financial stance. The net profit attributable to equity shareholders soared to RMB 36.56 billion, underscoring the company's ability to strategically manage production while controlling costs. The overall cost per produced barrel was recorded at US$27.03, reflecting a 2.0% decrease compared to the previous year. Capital expenditures stood around RMB 27.71 billion, a reduction of 4.5%, signaling prudent financial stewardship during this phase.

CNOOC Group, which exercises significant control over CNOOC Limited, has voiced confidence in the company's future. On April 8, the Group announced its plans to enhance its shareholdings in both A-shares and Hong Kong shares, proposing to invest between RMB 2 billion to 4 billion within the next 12 months. This move emphasizes the long-term investment potential seen in CNOOC Limited amidst its operational successes.

Mr. Yan Hongtao, the company’s President, expressed optimism regarding the future, stating, "In the first quarter, we made a solid start with tangible results. Our focus will be on refining management strategies to bolster operational resilience and strive toward meeting our annual objectives."

In conclusion, CNOOC Limited's operational performance in Q1 2025 is a testament to its robust strategic framework and adaptability in a volatile oil market. As the company continues to explore and develop new fields, stakeholders can expect sustained growth and solid returns on investment in the forthcoming periods.

Topics Energy)

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