China National Offshore Oil Corporation (CNOOC) today announced its first quarter 2025 operating results.

In the first quarter of 2025, CNOOC's net oil and gas production grew steadily, and its cost competitiveness continued to be consolidated, demonstrating its strong resilience in crossing oil price cycles.

During the period, CNOOC achieved a net production of 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%. Among them, China's net production was 130.8 million barrels of oil equivalent, a year-on-year increase of 6.2%, mainly from the production contribution of Bozhong 19-6 and other oil and gas fields; overseas net production was 58.0 million barrels of oil equivalent, a year-on-year increase of 1.9%, mainly due to the contribution of Brazil's Mero2 and other projects.

The company has made 2 new discoveries and successfully evaluated 14 oil and gas structures. Among them, Huizhou 19-6 oilfield has proven geological reserves of over 100 million tons of oil equivalent, Weizhou 10-5 oil and gas field shows the broad exploration prospects in the buried hill area of ​​Beibu Gulf Basin; Suizhong 36-1 South has been successfully evaluated and is expected to become a medium-sized oilfield. During the period, several new projects such as Panyu 10/11 Block Joint Development Project, Dongfang 29-1 Gas Field Development Project, Bozhong 26-6 Oilfield Development Project (Phase I), Wenchang 19-1 Oilfield Phase II Project and Brazil Buzios7 Project have been successfully put into production. Other new projects are progressing smoothly.

In the first quarter of 2025, Brent oil prices fell 8.3% year-on-year. CNOOC firmly implemented measures to increase production and reduce costs, achieving a net profit of RMB 36.56 billion attributable to shareholders of the parent company, and its profitability resilience was prominent. The main cost per barrel of oil was US$27.03, a year-on-year decrease of 2.0%. The company's capital expenditure was approximately RMB 27.71 billion, a year-on-year decrease of 4.5%.

Based on the confidence in the company's future development prospects and recognition of the long-term investment value of the capital market, on April 8, the company's actual controller, China National Offshore Oil Corporation, announced that it plans to increase its holdings of the company's A shares and Hong Kong stocks in the next 12 months, with a cumulative increase of RMB 2 billion to RMB 4 billion.

Mr. Yan Hongtao, President of CNOOC, said: 
"In the first quarter, CNOOC achieved a 'good start' with solid work and achievements. We will deepen lean management, strengthen the company's performance resilience, and strive to achieve the annual production and operation goals."

KeyFacts Energy: CNOOC China country profile