CNOOC Ltd, China’s leading offshore oil and gas producer, announced a 12.2% decline in its net profit for the third quarter compared to the same period last year. The decrease, reported on Thursday, reflects the impact of lower oil prices on the company’s financial performance. For the July-September quarter, CNOOC recorded a net profit of $4.6 billion (approximately 32.4 billion Chinese yuan).
Despite the reduction in profit, CNOOC experienced an increase in oil and gas production both domestically and internationally. The company’s net production rose by 6.7% during the first nine months of the year, totaling 578.3 million barrels of oil equivalent (boe). Natural gas output saw a significant surge of 11.6%, with net production in China alone climbing 8.6% to 400.8 million boe. This growth was bolstered by contributions from fields such as the Shenhai-1 Phase II Natural Gas Development Project and the Bozhong 19-2.
CNOOC’s recent initiatives include the launch of heavy crude production from the Kenli 10-2 Oilfields Development Project in the southern Bohai Sea. The company also reported a 2.6% increase in net production from overseas projects in the first nine months of 2025, driven by contributions from operations in Brazil.
The Chinese government has directed state-owned enterprises like CNOOC to enhance domestic oil and gas production, aiming to reduce China’s reliance on foreign imports. CNOOC has achieved record production levels in recent years, with all-time high outputs in 2024 and expectations for another record this year.
CNOOC holds minority stakes in several significant offshore developments outside of China. Notably, it is part of an Exxon-led consortium that has discovered over 11 billion barrels of oil equivalent offshore Guyana. The production capacity in Guyana reached 900,000 barrels per day in August following ExxonMobil’s launch of production from the Yellowtail development in the Stabroek block.
As the global oil market continues to fluctuate, CNOOC’s focus remains on expanding its production capabilities while navigating the challenges posed by declining oil prices.
