CNOOC Limited Showcases Robust Growth and Resilience in Q3

Author: Olivia Taylor Updated: 10-30-2025 04:54 AM

CNOOC Limited Delivers Strong Performance in Third Quarter

CNOOC Limited has made remarkable strides in project advancement and production growth, showcasing its commitment to operational excellence. The Company, listed on the SEHK as 00883 and 80883, and on the SSE as 600938, recently revealed its operating results for the ongoing year.

Production and Reserves Growth

During the initial nine months, CNOOC Limited reported a significant net production of 578.3 million barrels of oil equivalent ("BOE"), reflecting a robust year-on-year increase of 6.7%. Notably, natural gas production surged by 11.6%. The net output from domestic operations expanded by 8.6% year on year, reaching 400.8 million BOE, driven by contributions from key fields like Shenhai-1 Phase II and Bozhong 19-2. Additionally, international production rose by 2.6% to 177.4 million BOE, primarily due to enhanced output from the Mero 3 project in Brazil.

Exploration Successes

The exploration efforts yielded five new discoveries alongside the successful appraisal of 22 oil and gas-bearing structures. A highlight was the appraisal of Kenli 10-6, anticipated to develop into a medium-sized oilfield. Moreover, integrated rolling exploration made significant progress with the Lingshui 17-2 appraisal.

New Projects and Production Commencement

This year witnessed the commencement of 14 new projects, including the Kenli 10-2 Oilfields Development Project and the Yellowtail Project in Guyana. These developments are expected to further enhance the Company’s production capabilities.

Financial Highlights

A difficult market backdrop saw Brent oil prices fall by 14.6% year-on-year, yet CNOOC Limited exhibited financial resilience. The Company recorded an impressive RMB255.48 billion in oil and gas sales revenue and a net profit attributable to equity shareholders of RMB101.97 billion. Cost management remains a focus, with an all-in cost of US$27.35 per BOE, marking a 2.8% decrease from the previous year. Moreover, capital expenditures stood at approximately RMB86 billion, reflecting a strategic approach to managing project workloads.

Comments from Leadership

Mr. Yan Hongtao, the President of CNOOC Limited, noted that the Company has successfully navigated the first three quarters with steady growth in oil and gas production while maintaining effective cost control. Looking forward, the team is committed to achieving its operational objectives for the consecutive quarter.

Frequently Asked Questions

What was the production growth percentage for CNOOC Limited in Q3?

CNOOC Limited achieved a production growth of 6.7% year-on-year during the third quarter.

How much did the Company produce in the first nine months of 2025?

In the first three quarters, CNOOC Limited produced 578.3 million barrels of oil equivalent.

What were the key projects commenced by CNOOC Limited?

Key projects included the Kenli 10-2 Oilfields Development Project and the Yellowtail Project in Guyana.

How did the financial performance of CNOOC Limited stand up against market fluctuations?

Despite Brent oil prices decreasing by 14.6%, CNOOC Limited's profitability remained resilient with a net profit of RMB101.97 billion.

What is CNOOC Limited's focus for the upcoming quarter?

The Company aims to achieve its operational targets and enhance production growth in the fourth quarter.

About The Author

Olivia Taylor here, a 26-year-old writer and financial advisor. After earning a degree in finance, I worked in the sector for years. I've always loved numbers and had a talent for simplifying difficult financial ideas so that anyone could understand. I wrote my first book because of this passion; it helps readers take charge of their financial futures by fusing real-life stories with useful financial advice.

Whether they are just beginning their careers, preparing for significant life events, or seeking to invest wisely, my goal with my writing is to enable people to make educated financial decisions. The foundation of my work is the conviction that security and freedom of the individual are largely determined by financial literacy. To further financial education, I run workshops and frequently write for financial blogs in addition to my books.

I like to travel, experience other cultures, and find inspiration in daily life when I'm not writing or examining market trends. My passion is utilizing sound financial practices to help people reach their financial objectives and lead the best lives possible.

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