CNOOC 1H capex 57.6B yuan

CNOOC 1H capex 57.6B yuan

CNOOC Limited has announced its impressive 1H 2025 interim results, showcasing significant growth in both oil and natural gas production. The company reported a net production increase of 6.1% year-on-year (YoY) and a 12.0% YoY increase in natural gas production [1]. This remarkable performance was achieved despite volatile oil prices, demonstrating the company's resilience and strategic focus on reserves and production growth [1].

CNOOC's 1H 2025 capital expenditure (capex) amounted to RMB 57.6 billion, a testament to its commitment to investing in the growth of its reserves and production capabilities [1]. This substantial investment has contributed to the company's ability to discover and develop new oil and gas fields, both domestically and internationally. For instance, CNOOC made five new oil and gas discoveries and successfully appraised 18 oil and gas bearing structures in the first half of 2025 [1].

The company's strategic efforts in exploration and development have paid off, with record-high oil and gas production in the first half of 2025. Net production reached 384.6 million BOE, an increase of 6.1% YoY [1]. This achievement was driven by successful project execution, with 10 oil and gas field development projects commencing production during the period [1].

CNOOC's commitment to innovation and digital transformation has also contributed to its success. The company has developed and applied key technologies for reserves and production growth, improving reserve utilization and oil recovery rates [1]. Additionally, CNOOC has made strides in promoting green transition, adopting measures such as energy conservation, green electricity substitution, and renewable power generation [1].

The company's cost-competitive strategy has allowed it to maintain profitability, with net profit attributable to equity shareholders reaching RMB 69.5 billion [1]. This financial performance is a reflection of CNOOC's ability to navigate market fluctuations and maintain stable high-quality development.

References:
[1] https://finance.yahoo.com/news/oil-gas-output-hits-record-085900095.html