CNOOC Ltd. has reported CNY 36.56 billion ($4.89 billion) in web revenue attributable to shareholders for the primary quarter, down from CNY 39.7 billion for a similar three-month interval in 2024 as weaker oil costs offset larger manufacturing.
The oil and gasoline explorer and producer, majority-owned by China Nationwide Offshore Oil Corp., produced 188.8 million barrels of oil equal (MMboe) within the January-March 2025 interval, up 4.8 p.c year-on-year. Chinese language output rose 6.2 p.c by prior-year comparability to 130.8 MMboe. Abroad manufacturing grew 1.9 p.c to 58 MMboe, it stated in an internet assertion.
CNOOC Ltd., which calls itself the largest producer of oil and gasoline offshore China, introduced 5 upstream start-ups in Chinese language waters within the first quarter. Three of the tasks are within the South China Sea: the Dongfang 29-1 subject, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Improvement Mission and the Wenchang 19-1 Oilfield Part 2 Mission. The opposite two are within the Bohai Sea: the Bozhong 26-6 and Luda 5-2 North fields.
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Overseas, the sixth improvement within the Buzios oilfield in Brazil’s offshore Santos Basin got here on-line. CNOOC Ltd. holds a 7.34 p.c stake within the subject by way of CNOOC Petroleum Brasil Ltda.
“The Firm made 2 new discoveries and efficiently appraised 14 oil and gasoline constructions”, CNOOC Ltd. stated. “Amongst them, the proved in-place quantity of Huizhou 19-6 oilfield has exceeded 100 million tons of oil equal. Weizhou 10-5 demonstrated huge exploration prospects of the buried hills in Beibu Gulf Basin. Suizhong 36-1 South has been efficiently appraised and is predicted to turn into a medium-sized oilfield”.
Whereas manufacturing elevated, benchmark Brent oil costs fell 8.3 p.c year-on-year, CNOOC Ltd. stated.
CNOOC Ltd. confirmed its mother or father “plans to extend its shareholdings in A shares and Hong Kong shares of the Firm, by an quantity of not lower than RMB2 billion and no more than RMB4 billion inside 12 months”.
CNOOC Ltd. president Yan Hongtao stated, “Firm will deepen lean administration, strengthen the Firm’s efficiency resilience and try to fulfill the annual manufacturing and operation targets”.
CNOOC Ltd. goals to extend its web manufacturing to over 2 MMboe a day this yr whereas holding capital expenditure finally yr’s stage. The entire quantity objective for 2025 is 760-780 MMboe, of which 69 p.c is to return from China. For 2026, it would goal for 780-800 MMboe. For 2027, the goal is 810-830 MMboe.
For 2025, manufacturing has been allotted about 20 p.c of CNOOC Ltd.’s deliberate capex of CNY 125-135 billion. Improvement actions have been earmarked round 61 p.c, whereas exploration would get roughly 16 p.c.
“The corporate endeavors to seek for massive and medium-sized oil and gasoline fields, to strengthen the useful resource base for reserves and manufacturing development”, it stated January 22 saying the targets. “In 2025, the capital expenditure for exploration in China will primarily be directed to maintain crude oil reserves whereas develop [sic] pure gasoline reserves, led by the development of the three trillion-cubic-meters-level gasoline areas [in the South China Sea].
“For abroad exploration, the Firm will proceed to give attention to the Atlantic Ocean rim and the ‘Belt and Street’ international locations. Drilling will proceed in Guyana and rolling exploration is deliberate in Nigeria. Seismic survey will likely be carried out in Mozambique and Iraq. On the identical time, the corporate will proceed to hunt for high-quality acreage, particularly working belongings”.
To contact the writer, electronic mail jov.onsat@rigzone.com
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