CNOOC Limited Achieves Record Oil and Gas Production Growth
CNOOC Limited Achieves New Milestones in Oil and Gas Production
CNOOC Limited has unveiled impressive operational results, marking a significant increase in oil and gas production. The company's dedication to strategic growth has propelled it to a record-breaking first half of 2025. As production metrics shine, CNOOC Limited (SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) underscores its strong market position.
Key Production Achievements
In a notable performance, net production soared by 6.1% compared to the previous year, with natural gas production experiencing a remarkable uptick of 12.0%. This achievement reflects CNOOC Limited's commitment to efficiency and cost management, resulting in a staggering net profit estimated at RMB 69.5 billion.
Resilience Amidst Volatility
Throughout the first half of 2025, the company effectively navigated the challenges of fluctuating oil prices by adhering to its core strategy of enhancing reserves and production while maintaining strict cost controls. This effort resulted in unyielding profitability and a clear trajectory towards sustainable, high-quality development.
Exploration Successes
CNOOC Limited's agile exploration efforts bore fruit with five new oil and gas discoveries and the appraisal of 18 productive structures. Among these discoveries were notable projects such as Jinzhou 27-6 and Caofeidian 22-3 within local waters, while also significantly advancing overseas in strategic regions like Guyana and Kazakhstan.
Major Projects Commenced
A remarkable milestone was reached with the initiation of production in ten new oil and gas field development projects, including notable ventures in Brazil’s Buzios7 and Mero4 projects. The total net production of 384.6 million BOE reflects a commitment to scaling operations effectively and efficiently, outpacing previous production records.
Commitment to Innovation
The company continues to push boundaries in innovation and technology. CNOOC Limited has embraced digital transformation with advancements in intelligent applications and the implementation of AI-driven technologies. Noteworthy improvements in reserves utilization and oil recovery rates demonstrate the company's commitment to excellence.
Focus on Sustainability
CNOOC Limited is also conscientious about environmental sustainability. Progress is being made towards a greener energy transition, with initiatives aimed at minimizing the ecological footprint during oil and gas production. The application of advanced technologies, such as permanent magnet electric submersible pumps, promises a cleaner and more efficient production approach.
Financial Overview
The company's financial resilience is illustrated through stable revenues and effective cost management strategies, keeping all-in costs flat at US$26.94 per BOE. Shareholders can expect positive returns, as the Board has announced a tax-inclusive interim dividend of HK$0.73 per share.
Leadership Insights
Chairman Mr. Zhang Chuanjiang reflected on the company's strong operational focus, underscoring the importance of safety and efficiency. Looking to the remainder of the year, CNOOC Limited remains dedicated to achieving its annual targets and advancing the energy sector's growth.
Frequently Asked Questions
What were the production growth percentages for CNOOC Limited?
CNOOC Limited reported a 6.1% increase in net production and a 12.0% rise in natural gas production year-on-year.
How did CNOOC Limited manage cost pressures?
The company focused on cost-effective strategies while enhancing reserves and production, thus achieving significant profitability despite fluctuating oil prices.
What notable discoveries did CNOOC Limited make this year?
Five new oil and gas discoveries occurred, including significant finds such as Jinzhou 27-6 in offshore regions.
What is CNOOC Limited doing toward sustainability?
The company is implementing green technologies and practices, including energy conservation initiatives and offshore carbon capture projects.
How much dividend did CNOOC Limited declare?
CNOOC Limited's Board announced a tax-inclusive interim dividend of HK$0.73 per share, rewarding shareholders for their investment.
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