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CNOOC records 6.7% production increase over nine months despite Brent price decline

CNOOC Limited announced continued growth in oil and gas production, reaching 578.3 million barrels of oil equivalent, while maintaining cost control despite a 14.6% drop in Brent prices.

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CNOOC Limited has released its operational results for the third quarter, confirming steady production growth over the first nine months of the year. The Chinese company produced a net total of 578.3 million barrels of oil equivalent (boe), representing a 6.7% increase compared to the same period in 2024. Natural gas production rose by 11.6% during the period.

Domestic net production reached 400.8 million boe, an increase of 8.6%, mainly driven by the Shenhai-1 Phase II and Bozhong 19-2 fields. International production rose by 2.6% to 177.4 million boe, with significant contribution from the Mero 3 project in Brazil. In the third quarter alone, net production reached 193.7 million boe, a year-on-year increase of 7.9%.

Progress in exploration and project start-ups

CNOOC made five new discoveries and successfully appraised 22 oil and gas-bearing structures. The appraisal of the Kenli 10-6 field expanded existing reserves and is expected to become a medium-sized oilfield. Work on the Lingshui 17-2 field strengthened the potential for integrated rolling exploration in the area.

Fourteen new projects have entered production, including the Kenli 10-2 Oilfields Development Project (Phase I), Dongfang 29-1 Gas Field Development Project, Wenchang 19-1 Oilfield Development Project, and the Yellowtail Project in Guyana. These developments form part of the company’s broader strategy to secure mid-term production capacity.

Financial resilience amid Brent price decline

Despite a 14.6% fall in Brent prices during the period, the company maintained profitability. Oil and gas sales revenue reached CNY255.48bn ($35bn), with net profit attributable to shareholders at CNY101.97bn ($14bn). The all-in cost per barrel decreased by 2.8%, standing at $27.35 per boe.

Capital expenditures amounted to approximately CNY86bn ($11.8bn), down due to lower workloads on ongoing projects. Health, safety and environmental performance remained stable throughout the period.

Company President Yan Hongtao stated that CNOOC “maintained stable production momentum while ensuring rigorous project execution”. He added that the company remains focused on achieving its year-end operational targets.

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