CNOOC, China's oil and gas producer, has released its 2025 results, announcing that its net profit for 2025 fell by 11.5% compared to 2024 to RMB122bn (USD17.7bn) due to lower crude oil prices, despite record oil and natural gas production (CNOOC press release, 26/03/2026). Revenue from crude oil and gas sales declined by 5.6% to RMB336bn (USD48.6bn) in 2025.
CNOOC's oil and gas output rose by 7% to a record 777.3 mboe, meeting the company's targeted range. Crude oil and liquid production rose by 5.8% to nearly 600 mbl, while natural gas production rose by nearly 12% to 1,037 bcf (29.3 bcm). The company's 2025 proven reserves increased by 6.9% year-on-year to 7.77 billion boe.
In 2026, CNOOC Limited will focus on its core oil and gas business and continue to pursue profitable production, according to the company’s statement. For 2026, the company expects its oil and gas capital expenditure to range between RMB112bn and RMB122bn (USD16.2bn to USD17.7bn), while annual production is projected to be between 780 and 800 mboe.