Overview
- CNOOC, which released its 2025 results on Thursday, reported net profit of RMB122.1 billion, down 11.5% as weaker realized oil prices offset strong operations.
- The company set a 2026 production goal of 780 to 800 million barrels of oil equivalent and a capital spending plan of RMB112 to 122 billion.
- Annual output reached a record 777.3 million BOE in 2025, or about 2.13 million BOE per day, as new projects came online in China and overseas.
- Proved reserves rose 6.9% to 7.77 billion BOE after six new finds and 28 appraisals, while all‑in cost fell to US$27.9 per BOE and the board proposed a 45% payout, equal to HK$1.28 per share.
- With Brent trading near US$106 on Thursday during renewed Middle East conflict, the company said rising prices and risk support scaling output in 2026.