CNOOC Limited bat ses records de production et de réserves en 2025

CNOOC Limited released its annual results on March 27, 2026 for the fiscal year ended December 31, 2025. The Chinese national oil company posted net production of 2.13 million barrels of oil equivalent (boe) per day, a new record. These results come amid a tense oil market, as US commercial crude oil stocks recently posted a sharp increase. Net profit attributable to shareholders reached approximately $16.9 billion (122.1 billion yuan); the group maintained a dividend-to-profit ratio of 45%, with an annual dividend of $0.16 (HK$1.28) per share, taxes included.

Proven reserves at a historic high

CNOOC's net proven reserves reached 7.77 billion boe in 2025, up 6.9% year-on-year. The company identified 6 new oil and gas fields and successfully evaluated 28 hydrocarbon-bearing structures. Wood Mackenzie named CNOOC National Oil Company (NOC) of the Year for the first time. Over five years, the company made 66 discoveries and achieved a compound annual growth rate (CAGR) of approximately 8% in net production.

In China, CNOOC discovered the Longkou 25-1 field and evaluated the Qinhuangdao 29-6 field, confirming the exploration potential of shallow lithological structures in Bohai Bay. Advanced geophysical technology enabled the discovery of Huizhou 19-6, a deepwater oil field with proven in-place volume exceeding 100 million tonnes. Internationally, two oil fields in the Stabroek block in Guyana — Lukanani and Ranger — were successfully evaluated, as international oil groups reassess their positions in South America.

Production growth across all segments

For the full year, total net oil and gas production reached 777.3 million boe, up 7% year-on-year. Crude oil production rose 5.8%, while natural gas production increased 11.6%. The company deployed intelligent water injection and production technology at scale, maintaining the natural decline rate at 9.5%. Around a dozen new projects came online during the year.

Average daily offshore drilling efficiency in China reached its best level in five years. The so-called "excellent and intelligent" drilling and completion demonstration project was accelerated by 26%. Research and development of deepwater subsea trees and control systems also made positive progress.

International expansion and digital transformation

CNOOC launched four new exploration projects in Iraq, Kazakhstan, and Indonesia, diversifying its overseas asset portfolio. Several projects in South America and North America contributed to production growth, according to the company. The group deployed an "AI+" strategy that improved efficiency by 30% across key areas such as exploration, development, production safety, and research. The number of unmanned offshore platforms grew steadily, and the intelligent gas field "Shenhai-1" was included in China's first batch of advanced smart factory designations.