The publicly listed arm of China National Offshore Oil Corp. on Wednesday reported CNY 69.53 billion ($9.72 billion), or CNY 1.46 per share, in net income for the first half of 2025, down 12.79 percent from the first six months of 2024 despite record production.
In CNOOC Ltd.’s results filing, chair Zhang Chuanjiang blamed “a complex and challenging external environment coupled with downward volatility in international oil prices”.
Net oil and gas production for January-June 2025 totaled 384.6 million barrels of oil equivalent, up 6.1 percent year-on-year with “both domestic and overseas production exceeding historical highs for the same period”, Zhang said.
Revenue fell 8.45 percent year-over-year to CNY 207.61 billion for 1H 2025. Oil and gas sales accounted for the bulk at CNY 171.75 billion, down 7.22 percent. Marketing revenue comprised CNY 31.06 billion, down 15.21 percent. Other revenues totaled CNY 4.81 billion.
Expenses decreased 7.19 percent to CNY 121.23 billion, of which CNY 18.28 billion was operating expenditure. Tax expenses accounted for CNY 9.9 billion. Depreciation, depletion and amortization increased 4.69 percent to CNY 39.32 billion. CNOOC Ltd. booked CNY 59 million in net impairment.
Operating income landed at CNY 95.1 billion, down 9.89 percent. Profit before taxation was CNY 94.66 billion, down 10.51 percent.
CNOOC Ltd., trading on the Hong Kong exchange, declared a dividend of HKD 0.73 ($0.09) for 1H 2025, down one percent year-on-year. The amount represents a total of HKD 34.7 billion.
It ended 1H 2025 with CNY 321.49 billion in current assets including CNY 94.14 billion in cash and cash equivalents. Current liabilities stood at CNY 136.15 billion including CNY 1.33 billion in borrowings.
In growth activities, CNOOC Ltd. started production in nine upstream projects offshore China and two in Brazilian waters during the period.
Of the Chinese developments, five were in the South China Sea: the Dongfang 1-1 Gas Field 13-3 Block Development Project, the Dongfang 29-1 field, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Development Project, the Weizhou 5-3 field and phase II of the Wenchang 19-1 field.
The other four Chinese projects were in the Bohai Sea: the Bozhong 26-6 field, the Caofeidian 6-4 field adjustment, phase I of the Kenli 10-2 Oilfields Development Project and phase II of the Luda 5-2 North field.
Overseas, CNOOC Ltd. and its partners fired up Buzios7 in the Buzios field and Mero4 in the Mero field. Both fields are in Brazil’s Santos Basin.
In exploration, CNOOC Ltd. discovered Caofeidian 22-3, Jinzhou 27-6 and Weizhou 10-5 South, as well as successfully appraised Lingshui 25-1 and Qinhuangdao 29-6. All are offshore China.
Overseas, CNOOC Ltd. “continued to increase reserves through advanced deepwater exploration in Guyana and signed our first oil contract for exploration in Kazakhstan for a new block, further expanding our overseas exploration potential”, Zhang said.
On Tuesday CNOOC Ltd. said Indonesia had awarded new production sharing contracts for two blocks where the company owns minority stakes.
“The contracts were signed for Gaea and Gaea II exploration blocks, which are mainly located both onshore and offshore in southern Papua Barat Province, in proximity to the Tangguh LNG project”, it said in a statement on its website.
To contact the author, email jov.onsat@rigzone.com
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