(Hong Kong, October 30, 2025) CNOOC Limited (the “Company” or “CNOOC Limited”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its operating results for the third quarter of 2025.

In the first three quarters of 2025, CNOOC Limited continued to increase its reserves and production, achieving steady production growth from both domestic and overseas oilfields. The Company remained cost competitive, and demonstrated profitability resilience.

In the nine months, CNOOC Limited achieved a net production of 578.3 million barrels of oil equivalent (“BOE”), an increase of 6.7% year-on-year (“YoY”), of which natural gas production rose by 11.6%. The net production from China grew by 8.6% YoY to 400.8 million BOE, which was mainly attributable to the production from oil and gas fields including Shenhai-1 Phase II and Bozhong 19-2. Overseas net production rose by 2.6% YoY to 177.4 million BOE, which was mainly driven by increased production from projects including Mero 3 in Brazil. In the third quarter alone, the net production reached 193.7 million BOE, representing a YoY increase of 7.9%.

For exploration, the Company made 5 new discoveries and successfully appraised 22 oil and gas-bearing structures. In the third quarter, the Company successfully appraised Kenli 10-6, which has further expanded reserve scale and is expected to become a medium-sized oilfield. The successful appraisal of Lingshui 17-2 made remarkable progress in integrated rolling exploration. For development and production, 14 new projects, including Kenli 10-2 Oilfields Development Project (Phase I), Dongfang 29-1 Gas Field Development Project, Wenchang 19-1 Oilfield Development Project and the Yellowtail Project in Guyana, have commenced production. 

In the first three quarters of 2025, the Brent oil prices fell by 14.6% YoY, whereas the Company’s profitability remained resilient. During the period, the oil and gas sales revenue of the Company reached RMB255.48 billion, and the net profit attributable to equity shareholders was RMB101.97 billion. At the same time, the Company stayed cost competitive. The all-in cost was US$27.35 per BOE, a decrease of 2.8% YoY. The Company’s capital expenditures were approximately RMB86.0 billion, mainly due to lower workloads of projects under construction. During the period, the Company’s health, safety and environmental performance remained stable.

Mr. Yan Hongtao, President of the Company, said, “In the first three quarters, CNOOC Limited advanced project construction in an orderly manner, achieved steady growth in oil and gas production, and maintained effective cost control measures. In the fourth quarter, we will focus on our targets, and strive to accomplish the full-year operating objectives.”