China's offshore oil company reports record production levels

The China National Offshore Oil Company (CNOOC) has reported strong financial and operational results for 2025, setting new records in both oil and gas production and reserves.

Despite fluctuating international oil prices, the company's net production reached 777.3 million barrels of oil equivalent (BOE) in 2025, up 7 percent year-on-year, while its oil and gas sales revenue reached 335.7 billion yuan ($48.59 billion).

According to Thursday's announcement, the company's all-in cost was significantly reduced to $27.9 per BOE, a 2.2 percent decrease from the previous year, demonstrating strong cost-control measures and robust profitability resilience.

CNOOC made six new oil and gas discoveries and successfully evaluated 28 oil and gas structures in 2025, with significant domestic breakthroughs including the Longkou 25-1 discovery and the successful evaluation of Qinhuangdao 29-6 in the Bohai Sea. Overseas, the company further solidified its resource base by evaluating the Lukanani and Ranger oilfields in Guyana's Stabroek block, and acquired four new exploration projects in Iraq, Kazakhstan and Indonesia.

The company's natural gas production saw a notable 11.6 percent increase, while crude oil production grew by 5.8 percent.

The announcement added that CNOOC advanced its green development strategy by consuming 1.08 billion kilowatt-hours of green electricity in 2025, reducing carbon emissions by 680,000 tons. The company is accelerating its offshore wind power and carbon capture, utilization, and storage (CCUS) projects, including the successful operation of China's first offshore CCUS demonstration project at the Enping 15-1 oilfield.

This year, CNOOC has set a production target of 780 to 800 million BOE, emphasizing efficient and profitable growth.