Zheng Quan Shi Bao·2025-08-27 17:40Core Viewpoint - The financial performance of China's major oil companies, including China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), and China Petroleum & Chemical Corporation (Sinopec), has been negatively impacted by declining crude oil prices, leading to decreased revenues and profits across the board [2][3]. Financial Performance - CNOOC reported a revenue of 207.6 billion yuan, a year-on-year decrease of 8%, and a net profit of 69.5 billion yuan, down 13%, primarily due to a 15.1% drop in the average Brent crude oil price [2]. - CNPC achieved a revenue of 1.45 trillion yuan, a decline of 6.7%, with a net profit of 84.0 billion yuan, down 5.4% [2]. - Sinopec's revenue was approximately 1.41 trillion yuan, a decrease of 10.6%, with a net profit of 21.5 billion yuan, a significant drop of 39.8% [2]. Production and Exploration - CNOOC's oil and gas net production reached 384.6 million barrels of oil equivalent, an increase of 6.1% year-on-year, with natural gas production rising by 12% [2][3]. - The company made five new oil and gas discoveries and successfully evaluated 18 oil and gas structures, showcasing significant exploration potential in the Bohai Bay Basin and the South China Sea [3]. - CNOOC's production from domestic waters was 266.5 million barrels of oil equivalent, up 7.6%, while overseas production was 118.1 million barrels of oil equivalent, an increase of 2.8% [3]. Technological Advancements - CNOOC is focusing on technological innovation and digital transformation, achieving breakthroughs in geophysical exploration and complex reservoir management [4]. - The company has implemented AI and satellite technology to enhance oil spill response and disaster management, recovering over 600,000 tons of oil equivalent from typhoon-related production losses [4].