China National Offshore Oil Corporation (CNOOC) has reported its annual results for the year ending 31 December 2025, with net profit attributable to equity shareholders of 122.1bn yuan ($17.67bn), an 11.5% decrease from 137.9bn yuan in 2024.
Basic earnings per share also declined by 11.5%, falling from 2.90 yuan to 2.57 yuan.
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The company’s net production increased by 7% to 777.3 million barrels of oil equivalent (mboe), up from 726.8mboe in the previous year.
Crude and liquids production rose by 5.8% to 599.7 million barrels (mbbl), compared to 567.1mbbl in 2024.
Natural gas production experienced a significant increase of 11.6%, rising to 1,037.3 billion cubic feet (bcf) from 929.4bcf.
The realised oil price fell by 13.4% to $66.47 per barrel (bbl), down from $76.75/bbl in the previous year.
In contrast, the realised gas price increased by 3%, reaching $7.95 per thousand cubic feet from $7.72.
Oil and gas sales revenue decreased by 5.6% to 335.7bn yuan, compared to 355.6bn yuan in 2024.
Operating cash flow remained strong, exceeding 200bn yuan for the fourth consecutive year, while free cash flow was 97.4bn yuan.
Total assets increased to just under 1.1tn yuan, with equity reaching 805.2bn yuan.
For 2026, CNOOC has set a production target of 780–800mboe and a capital expenditure budget of between 112bn yuan and 122bn yuan.
The company reported steady growth in reserves, reinforcing its resource foundation, while production reached a new peak, supporting future growth.
Overseas operations showed improvements in quality and efficiency, with favourable financial performance, and cost management was effective, maintaining competitiveness.
In terms of exploration, CNOOC achieved six new discoveries and successfully appraised 28 oil and gas structures, with 26 located offshore China and two overseas.
Net proved reserves reached 7,773mboe.
Offshore China, the Longkou 25-1 discovery confirmed a proved in-place volume exceeding 80 million tonnes (mt), while the Qinhuangdao 29-6 appraisal confirmed more than 100mt.
In Guyana, the Lukanani and Ranger oilfields were appraised in 2025.
Additionally, four new exploration projects were acquired in Iraq, Kazakhstan and Indonesia.
In 2025, 16 new projects commenced production. These included the Buzios 7 and Buzios 6 projects, which are equipped with closed flare and heat recovery devices to reduce greenhouse gas emissions and energy consumption.
Seven projects have started production in the Buzios oilfield, with a total of 11 expected to be operational by 2027.
The Mero 4 project features intelligent well completion technology to maximise production.
The Yellowtail project deployed the largest floating production, storage and offloading vessel in the block, with four projects commencing production and a total of eight expected to be operational by 2030.
