China National Offshore Oil Corporation (CNOOC) this week announced the Company's 2025 interim results.

• Net production increased by 6.1% year-on-year, with natural gas increasing by 12.0%.
• Maintaining cost competitiveness, net profit attributable to parent company reached RMB 69.5 billion
• Actively sharing the fruits of development, the interim dividend is HK$0.73 per share (tax inclusive)

In the first half of 2025, CNOOC overcame the downward pressure of volatile international oil prices, continued to make efforts to increase reserves and production, and strictly control costs, highlighting the resilience of profitability and maintaining a steady pace of high-quality development.

In the first half of the year, the company made five new discoveries and successfully evaluated 18 oil and gas structures. In Chinese waters, we made new discoveries at Jinzhou 27-6, Caofeidian 22-3, and Weizhou 10-5 South, and successfully evaluated oil and gas structures at Qinhuangdao 29-6 and Lingshui 25-1. Overseas, we are actively developing strategically important areas, continuously increasing reserves through deepwater three-dimensional exploration in Guyana, and signing our first oil exploration contract in a new block in Kazakhstan, further expanding our overseas exploration potential.

The company's net production reached 384.6 million barrels of oil equivalent, a year-on-year increase of 6.1%. Both domestic and international production exceeded historical highs for the same period. During the period, the Bozhong 26-6 Oilfield Development Project (Phase I), the Wenchang 9-7 Oilfield Development Project, and ten oil and gas fields in Brazil, including Buzios 7 and Mero 4, successfully commenced production, demonstrating exceptional project execution capabilities. The company's natural gas production momentum was strong, with output increasing significantly by 12.0% year-on-year. The Dongfang 29-1 Gas Field Development Project and the Dongfang 1-1 Gas Field Block 13-3 Development Project have both commenced production, leading to continued growth in production at producing gas fields such as Deepsea No. 1 and Bozhong 19-6. With the full commissioning of the Deepsea No. 1 Phase II natural gas project, the Deepsea No. 1 gas field is expected to reach peak annual production exceeding 4.5 billion cubic meters, making it China's largest offshore gas field.

Focusing on technological innovation

The company has steadily advanced the research and application of key technologies for increasing reserves and production, with the reserve utilization rate and recovery rate continuing to improve. The natural decline rate of China's offshore oil and gas fields remains at a low level. The company has promoted and applied advanced geophysical technologies, significantly improving the quality of deep seismic data and strongly supporting deep-layer exploration. The large-scale application of intelligent injection and production technologies has helped China's offshore oil fields control the natural decline rate. The company has comprehensively promoted the construction of superior drilling and completion, achieving a 26% speed-up for demonstration projects. The company has deployed and implemented key "AI+" scenarios, and the "Deep Sea No. 1" smart gas field has been rated as one of China's first-class excellence-level smart factories. By integrating satellite remote sensing, unmanned equipment and artificial intelligence algorithms, it has achieved efficient emergency response to typhoon disasters, laying a solid foundation for safe production.

Solid progress in green transformation

Through a combination of measures, including energy conservation in oil and gas production, green electricity substitution, and renewable energy generation, the company has achieved new success in clean oil and gas production. In the first half of the year, the company implemented large-scale deployment of permanent magnet electric submersible pumps, and the Qinhuangdao 32-6 oilfield saved approximately 18 million kWh through lean power management. During the period, the company generated over 900 million kWh of green electricity, with the "CNOOC Guanlan" vessel providing a stable supply of green electricity to the Wenchang oilfield complex. In addition, the company purchased and consumed 500 million kWh of green electricity. Regarding the development of new energy and new industries, China's first offshore CCUS project was commissioned on the Enping 15-1 platform, pioneering a new model for the recycling of marine energy resources: "carbon drives oil, oil sequesters carbon." The Bohai Oilfield plans to build the largest CCUS center in northern China's offshore area, integrating carbon dioxide production, injection, and storage.

Financial highlights

Oil and gas sales revenue reached RMB 171.7 billion. The company maintained effective cost control, with primary costs per barrel of oil remaining stable year-on-year at US$26.94 per barrel of oil equivalent (BOE), resulting in a net profit attributable to shareholders of RMB 69.5 billion. To actively reward shareholders, the Board of Directors has declared a 2025 interim dividend of HK$0.73 per share (tax inclusive).

Mr. Zhang Chuanjiang, Chairman of the Company, said: 
"In the first half of the year, CNOOC steadily and efficiently advanced oil and gas development and production, effectively responding to market fluctuations and laying a solid foundation for achieving our full-year targets. In the second half of the year, the Company will maintain its strategic focus, persevere in ensuring safe production, ensure the completion of its annual tasks, and strive to elevate the high-quality development of its marine energy business to a new level."

KeyFacts Energy: CNOOC China country profile