CNOOC 1H IFRS net 69.5B yuan

CNOOC 1H IFRS net 69.5B yuan

CNOOC Limited, a leading Chinese oil and gas company, has released its interim financial results for the first half of 2025. According to the company's report, CNOOC's net income under International Financial Reporting Standards (IFRS) for the period totaled 69.5 billion yuan. This figure represents a significant increase from the same period last year, reflecting the company's strong performance in exploration and production activities.

The company's results highlight the strategic importance of its exploration and production operations, particularly in regions such as Indonesia. CNOOC's wholly owned subsidiaries have recently entered into two Production Sharing Contracts (PSCs) for exploration blocks in Indonesia, including the Gaea and Gaea II blocks located in southern Papua Barat Province [1].

The exploration contracts, which were signed with SKK Migas, represent a strategic move to expand CNOOC's presence in the region and capitalize on the potential for significant oil and gas reserves. The total area of the two blocks is approximately 12,000 square kilometers, and the exploration period is set to last for three years [1].

The company's financial performance is also reflected in its stock price, which has been trading on the Hong Kong Stock Exchange under the ticker symbol 0883. As of July 2, 2025, the stock price stands at 18.73 HKD, with a market capitalization of 888.33 billion yuan. CNOOC's stock has shown resilience despite market fluctuations, indicating investor confidence in the company's long-term prospects [2].

In conclusion, CNOOC's 1H IFRS net income of 69.5 billion yuan underscores the company's strong financial performance and strategic initiatives in the exploration and production sector. As the company continues to expand its operations and capitalize on new opportunities, investors can expect to see further growth and stability in its financial results.

References:
[1] https://www.marketscreener.com/news/cnooc-limited-subsidiaries-signs-pscs-for-exploration-blocks-in-indonesia-ce7c50d9d98bf521
[2] https://www.investing.com/equities/cnooc