CNOOC Oil and Gas Net Production in Q3 Rises by 7.9% YOY
CNOOC announced its operational results for Q3, 2025 on October 30.
In the first three quarters of 2025, the company continued its efforts to increase reserves and production, achieved steady growth in domestic and overseas production, further consolidated its cost-competitive advantage, and maintained resilient profitability.
During the first three quarters, the company’s net oil and gas production reached 578.3 million barrels of oil equivalent (BOE), a YOY increase of 6.7%, with natural gas production rising by 11.6%. Net production in China reached 400.8 million BOE, an increase of 8.6% YOY, primarily attributable to production contributions from oil and gas fields such as the Deep Sea No.1 phase II and Bozhong 19-2. Overseas net production reached 177.4 million BOE, an increase of 2.6% YOY, mainly due to production contributions from projects like Mero 3 in Brazil. In Q3, the company’s net oil and gas production reached 193.7 million BOE, a YOY increase of 7.9%.
In terms of exploration, the company made 5 new discoveries and appraised 22 oil and gas structures in the first three quarters. In Q3, the successful appraisal of Kenli 10-6 continued to expand reserve scale, showing potential to become a medium-sized oil field; integrated rolling reserve increases at Lingshui 17-2 yielded significant results. Regarding development and production, a total of 14 new projects commenced production in the first three quarters, including the Kenli 10-2 oilfield cluster development project (Phase I), the Dongfang 29-1 gas field development project, the Wenchang 19-1 oilfield development project, and the Yellowtail project in Guyana.
In the first three quarters of 2025, the average Brent oil price fell by 14.6% YOY, while the company maintained resilient profitability. During the period, the company achieved oil and gas sales revenue of RMB 255.48 billion and a net profit attributable to parent company shareholders of RMB 101.97 billion. The company’s cost advantage continued to strengthen, with all-in cost of oil at $27.35/bbl, down 2.8% YOY. Furthermore, the company’s capital expenditure was approximately RMB 86 billion, mainly due to a YOY decrease in workload for projects under construction. The company maintained a stable performance in health, safety, and environmental protection during the period.
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