CNOOC's production rose 6.7% in 2025's first nine months, with strong output and cost control sustaining profits despite lower oil prices.

CNOOC Ltd reported a 6.7% year-on-year increase in oil and gas production to 578.3 million barrels of oil equivalent in the first nine months of 2025, driven by strong domestic and overseas output, including new projects in Brazil and Guyana. Despite a 14.6% drop in Brent crude prices, the company maintained profitability with RMB101.97 billion in net profit and RMB255.48 billion in revenue, benefiting from cost control that kept all-in costs at $27.35 per BOE. The company made five new discoveries, appraised 22 structures, and launched 14 new projects, while capital spending declined 9.8% to RMB86 billion due to reduced construction activity.