CNOOC Limited reported steady operational growth in the first quarter of 2025, with higher oil and gas production and cost efficiency helping offset the impact of weaker oil prices on profits.
Despite an 8.3% year-on-year decline in Brent crude prices, the Chinese offshore oil and gas major posted a net profit of RMB 36.56 billion ($5 billion), supported by strong domestic output and tight cost control. Net production rose by 4.8% compared to the same period last year, reaching 188.8 million barrels of oil equivalent (BOE).
Domestic output led the growth, increasing 6.2% year-on-year to 130.8 million BOE. The Bozhong 19-6 field was a major contributor. Overseas production also grew by 1.9%, reaching 58.0 million BOE, driven by the ramp-up of Brazil’s Mero 2 project.
CNOOC continued to expand its reserves through exploration, making two new discoveries and appraising 14 oil and gas structures. The Huizhou 19-6 field exceeded 100 million tons of oil equivalent in proved in-place reserves. Weizhou 10-5 and Suizhong 36-1 South added further resource potential in the Beibu Gulf and Bohai Bay.
Five major fields began production in the quarter, including Panyu 10/11, Dongfang 29-1, Bozhong 26-6 Phase I, Wenchang 19-1 Phase II, and Brazil’s Buzios 7. These additions reflect the company’s push to expand capacity and deliver projects on time.
CNOOC also improved efficiency by cutting its all-in cost per BOE by 2.0% year-on-year to $27.03. Capital expenditures totaled RMB 27.71 billion, down 4.5% from a year ago, aligning with its cautious investment approach amid volatile energy prices.
Signaling confidence in CNOOC’s long-term outlook, parent company CNOOC Group announced on April 8 it would boost its stake in the company. The plan includes purchasing RMB 2 billion to 4 billion worth of A shares and Hong Kong-listed shares over the next 12 months.
CNOOC President Yan Hongtao said the company had a strong start to the year and remains focused on cost discipline and operational stability to meet its full-year targets.
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