The publicly listed arm of China Nationwide Offshore Oil Corp. on Wednesday reported CNY 69.53 billion ($9.72 billion), or CNY 1.46 per share, in web revenue for the primary half of 2025, down 12.79 p.c from the primary six months of 2024 regardless of document manufacturing.
In CNOOC Ltd.’s outcomes submitting, chair Zhang Chuanjiang blamed “a posh and difficult exterior surroundings coupled with downward volatility in worldwide oil costs”.
Internet oil and gasoline manufacturing for January-June 2025 totaled 384.6 million barrels of oil equal, up 6.1 p.c year-on-year with “each home and abroad manufacturing exceeding historic highs for a similar interval”, Zhang stated.
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Income fell 8.45 p.c year-over-year to CNY 207.61 billion for 1H 2025. Oil and gasoline gross sales accounted for the majority at CNY 171.75 billion, down 7.22 p.c. Advertising and marketing income comprised CNY 31.06 billion, down 15.21 p.c. Different revenues totaled CNY 4.81 billion.
Bills decreased 7.19 p.c to CNY 121.23 billion, of which CNY 18.28 billion was working expenditure. Tax bills accounted for CNY 9.9 billion. Depreciation, depletion and amortization elevated 4.69 p.c to CNY 39.32 billion. CNOOC Ltd. booked CNY 59 million in web impairment.
Working revenue landed at CNY 95.1 billion, down 9.89 p.c. Revenue earlier than taxation was CNY 94.66 billion, down 10.51 p.c.
CNOOC Ltd., buying and selling on the Hong Kong trade, declared a dividend of HKD 0.73 ($0.09) for 1H 2025, down one p.c year-on-year. The quantity represents a complete of HKD 34.7 billion.
It ended 1H 2025 with CNY 321.49 billion in present belongings together with CNY 94.14 billion in money and money equivalents. Present liabilities stood at CNY 136.15 billion together with CNY 1.33 billion in borrowings.
In development actions, CNOOC Ltd. began manufacturing in 9 upstream initiatives offshore China and two in Brazilian waters in the course of the interval.
Of the Chinese language developments, 5 have been within the South China Sea: the Dongfang 1-1 Fuel Subject 13-3 Block Growth Undertaking, the Dongfang 29-1 area, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Growth Undertaking, the Weizhou 5-3 area and part II of the Wenchang 19-1 area.
The opposite 4 Chinese language initiatives have been within the Bohai Sea: the Bozhong 26-6 area, the Caofeidian 6-4 area adjustment, part I of the Kenli 10-2 Oilfields Growth Undertaking and part II of the Luda 5-2 North area.
Abroad, CNOOC Ltd. and its companions fired up Buzios7 within the Buzios area and Mero4 within the Mero area. Each fields are in Brazil’s Santos Basin.
In exploration, CNOOC Ltd. found Caofeidian 22-3, Jinzhou 27-6 and Weizhou 10-5 South, in addition to efficiently appraised Lingshui 25-1 and Qinhuangdao 29-6. All are offshore China.
Abroad, CNOOC Ltd. “continued to extend reserves by means of superior deepwater exploration in Guyana and signed our first oil contract for exploration in Kazakhstan for a brand new block, additional increasing our abroad exploration potential”, Zhang stated.
On Tuesday CNOOC Ltd. stated Indonesia had awarded new manufacturing sharing contracts for 2 blocks the place the corporate owns minority stakes.
“The contracts have been signed for Gaea and Gaea II exploration blocks, that are primarily positioned each onshore and offshore in southern Papua Barat Province, in proximity to the Tangguh LNG venture”, it stated in an announcement on its web site.
To contact the writer, e-mail jov.onsat@rigzone.com
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