CNOOC: Net profit of 122.082 billion yuan in 2025, down 11.5% year-on-year

DoNews, March 26 - On March 26, China National Offshore Oil Corporation (CNOOC), a listed company controlled by the China National Offshore Oil Group, announced its annual performance for the year ending December 31, 2025.

Over the past five years, the company has made a total of 66 new discoveries, with an average annual compound growth rate of approximately 8% in net production. In 2025, the net production is expected to be around 2.13 million barrels of oil equivalent per day, with a net profit attributable to shareholders reaching RMB 122.1 billion.

In 2025, the company gained 6 new oil and gas discoveries and successfully evaluated 28 oil and gas-bearing structures. The net proven reserves reached 7.77 billion barrels of oil equivalent, a year-on-year increase of 6.9%. Domestically, the new discovery of Longkou 25-1 was made, and the successful evaluation of Qinhuangdao 29-6 fully revealed a favorable exploration outlook for the shallow lithology of the Bohai Sea.

Overseas, the successful evaluation of the Lukanani and Ranger oil fields in the Stabroek block of Guyana has continuously solidified the resource base of this block. Additionally, 4 new exploration projects have been acquired in Iraq, Kazakhstan, and Indonesia, further enriching the overseas oil and gas asset portfolio.

In 2025, multiple new projects will be successfully put into production, with the utilization rate and recovery rate of oil field reserves continuing to improve, achieving a total net oil and gas production of 777.3 million barrels of oil equivalent for the year, a year-on-year increase of 7%. Among these, crude oil increased by 5.8%; natural gas saw a significant increase of 11.6%, providing valuable support for the company’s profitability resilience.

The company deepens its efforts to stabilize oil production and control water, applying intelligent injection and production technology on a large scale, helping to reduce the natural decline rate of China’s offshore oil fields to 9.5%, maintaining a good level. Overseas, production from several projects in South America, North America, and other regions continues to grow, becoming an important source of production growth for the company.

In exploration and development, the company has scaled up the application of advanced geophysical technology, significantly improving the quality of deep seismic data, aiding in the discovery of the Huizhou 19-6 billion-ton deep oil field. The average drilling day efficiency in Chinese offshore operations has achieved the best level in five years, with the Intelligent Drilling Completion Demonstration Project accelerating by 26%.

Additionally, significant progress has been made in deepwater subsea oil trees and control systems. In terms of digital transformation, the company has thoroughly implemented the “AI+” initiative, with intelligent applications in oil and gas exploration and development, safety production, and research improving efficiency by over 30%, and the automation rate of offshore platforms steadily increasing. The “Deep Sea No. 1” smart gas field has been selected as one of China’s first batch of pilot-level smart factory cultivation lists.

The company is deeply practicing a green low-carbon development strategy, continuously expanding the scale of associated gas recovery and utilization, building a comprehensive green development system. In 2025, the company will continue to increase the use of green electricity through shore power projects, using 1.08 billion kilowatt-hours of green electricity throughout the year, reducing carbon emissions by 680,000 tons.

The large-scale resource acquisition of offshore wind power and the construction of demonstration projects have made solid progress, and the development of negative carbon businesses such as CCS/CCUS is robust. The “CNOOC Guanlan” is operating stably, and the Hainan CZ7 wind power project and the world’s first 16-megawatt tension-leg floating wind power platform project are being advanced in an orderly manner.

China’s first offshore CCUS demonstration project has been successfully put into use at the Enping 15-1 oil field, and the technical feasibility study for the CCS/CCUS cluster demonstration project in the Daya Bay area has been completed.

The company has overcome the adverse effects brought by the volatility of international oil prices by maintaining stable production growth and implementing practical and effective measures to enhance quality and reduce costs, thus maintaining profitability resilience. In 2025, oil and gas sales revenue reached RMB 335.7 billion, with a net profit attributable to shareholders of RMB 122.1 billion. The average cost per barrel of oil equivalent for the year was $27.9, a year-on-year decrease of 2.2%.

In 2026, the company will focus on its oil and gas main business, continuously pursue profitable production, with a total production target of 780-800 million barrels of oil equivalent for the year.