CNOOC Ltd, majority-owned by China Nationwide Offshore Oil Corp, on Thursday reported 777.3 million barrels of oil equal (MMboe), or 2.13 MMboe a day, in internet manufacturing final yr, rising seven p.c year-on-year and setting a brand new firm report.
Crude output grew 5.8 p.c. “Pure gasoline manufacturing surged by 11.6 p.c, which helped to maintain the corporate’s revenue resilience”, CNOOC Ltd mentioned in a web based assertion.
“The corporate endeavors to maintain crude oil manufacturing and management water-cut. Clever water injection and manufacturing expertise was utilized on a big scale, which helped to cut back the pure decline charge to 9.5 p.c and keep at stage.
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“Abroad, a number of tasks in South America and North America continued to ramp up in manufacturing, and drove the corporate’s manufacturing progress”.
In 2025 CNOOC Ltd and its companions introduced onstream the Yellowtail mission in Guyana’s Stabroek block, the place it owns a 25 p.c stake. Offshore Brazil, CNOOC Ltd and its companions fired up Buzios7 within the Buzios discipline and Mero4 within the Mero discipline, the place it holds 7.34 p.c and 9.65 p.c respectively.
At residence in 2025 CNOOC Ltd introduced 9 start-ups within the South China Sea: the Dongfang 1-1 Gasoline Area 13-3 Block Growth Undertaking, the Dongfang 29-1 discipline, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Growth Undertaking, the Weizhou 5-3 discipline, the Weizhou 11-4 Oilfield Adjustment and Satellite tv for pc Fields Growth Undertaking, the Wenchang 9-7 discipline, the Wenchang 16-2 discipline, section II of the Wenchang 19-1 discipline and the Xijiang Oilfields 24 Block Growth Undertaking.
Within the Bohai Sea, CNOOC Ltd introduced 4 startups final yr: section I of the Bozhong 26-6 discipline, the Caofeidian 6-4 discipline adjustment, section I of the Kenli 10-2 Oilfields Growth Undertaking and section II of the Luda 5-2 North discipline.
CNOOC Ltd logged CNY 122.1 billion ($17.69 billion) in internet revenue for 2025, down from CNY 137.9 billon for 2024. “Confronted with risky worldwide oil costs, the corporate maintains revenue resilience by means of steady manufacturing progress in addition to sensible and efficient measures to manage prices”, the corporate mentioned.
Oil and gasoline gross sales income totaled CNY 335.7 billion for 2025, down from CNY 355.6 billion for 2024. “Annual all-in value was $27.9 per boe, a YoY lower of two.2 p.c”, CNOOC Ltd mentioned.
It declared an annual dividend of HKD 1.28 ($0.16) per share, down from HKD 1.4 per share for 2024.
This yr CNOOC Ltd expects to supply 780-800 MMboe. It expects 2026 capital expenditure to be CNY 112-122 billion.
CNOOC Ltd had 7.77 billion boe in internet confirmed reserves at yearend 2025, up 6.9 p.c year-over-year.
“In 2025, the corporate made a complete of 6 new oil and gasoline discoveries and efficiently appraised 28 oil and gasoline bearing buildings”, CNOOC Ltd mentioned.
“In China, the corporate found Longkou 25-1 and efficiently appraised Qinhuangdao 29-6, demonstrating the exploration prospects within the shallow lithologic fields in Bohai”, it added.
“Abroad, the corporate efficiently appraised two oilfields within the Stabroek block in Guyana, Lukanani and Ranger, additional consolidating the useful resource base of the block. As well as, the corporate acquired 4 new exploration tasks in Iraq, Kazakhstan and Indonesia, additional diversifying the abroad asset portfolio”.
To contact the writer, electronic mail jov.onsat@rigzone.com
