China’s CNOOC Limited reported this week that its oil and gas production rose 4.8% year-on-year to 188.8 million barrels of oil equivalent (boe) in the first quarter of 2025, underpinned by stronger domestic output.
In its first quarter report released on April 29, the company noted that production in China climbed 6.2% to 130.8 million boe, driven by key developments including the Bozhong 19-6 field. Overseas output rose 1.9% to 58 million boe, supported by the Mero 2 project in Brazil.
Despite an 8.3% decline in Brent oil prices compared to the same period last year, the state-run offshore producer reported a net profit of 36.56 billion yuan (US$5.04 billion), underscoring what it called “profitability resilience” amid cost discipline.
CNOOC’s all-in cost fell 2.0% year-on-year to US$27.03 per boe, while capital expenditures declined 4.5% to 27.71 billion yuan (US$3.82 billion). Several new developments came online during the quarter, including Brazil’s Buzios 7 and China’s Dongfang 29-1 and Bozhong 26-6 Phase I.
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The company also announced two new discoveries and the appraisal of 14 oil and gas structures, including Huizhou 19-6, which exceeded 100 million tons of proved in-place volume. It highlighted promising results at Weizhou 10-5 and Suizhong 36-1 South, the latter expected to become a mid-sized oilfield.
CNOOC Group, the firm’s state-owned parent and controlling shareholder, said in early April it would boost its stake in the company’s Hong Kong and Shanghai-listed shares by 2 to 4 billion yuan (US$276-552 million) over the next year, citing long-term confidence in the business.
CNOOC, through a subsidiary, holds a 25% stake in the ExxonMobil-operated Stabroek block offshore Guyana, where output has surpassed 600,000 barrels per day and is expected to more than double by 2028.
