CNOOC boosts output, reserves as profits remain resilient in 2025
(WO) - CNOOC Ltd. reported record oil and gas production and reserves in 2025, supported by new discoveries, project startups and continued upstream investment across its domestic and international portfolio.
Net production reached approximately 2.13 MMboed, with total annual output rising 7% year-over-year to 777.3 MMboe. Crude oil production increased 5.8%, while natural gas output climbed 11.6%, reflecting the company’s push to expand its gas portfolio and support earnings stability.
Proved reserves rose 6.9% to 7.77 Bboe, marking a new high for the company. Exploration activity delivered six new discoveries and 28 successfully appraised structures during the year. In China, new finds in the Bohai region highlighted continued potential in mature offshore basins, while international appraisal activity in Guyana further strengthened the company’s resource base.
CNOOC brought multiple projects online in 2025, contributing to production growth and improved recovery rates across its asset base. The company also deployed digital and intelligent field technologies, including enhanced water injection and AI-driven optimization, to reduce natural decline rates and improve operational efficiency.
Overseas assets in South America and North America continued ramping up, providing additional production momentum and diversification.
Financially, the company reported net profit of RMB122.1 billion, supported by stable production growth and cost control. All-in costs declined 2.2% year-over-year to $27.90/boe.
Looking ahead, CNOOC is targeting production of 780–800 MMboe in 2026, supported by planned capital expenditures of RMB112–122 billion. The company said it will continue prioritizing reserve replacement, production growth and technological innovation as it advances both conventional and lower-carbon energy initiatives.
