Zheng Quan Shi Bao·2025-08-27 21:58Core Insights - The "Big Three" oil companies in China reported a decline in profits due to falling crude oil prices, with China National Offshore Oil Corporation (CNOOC) experiencing a revenue drop of 8% and a net profit decrease of 13% [1] - CNOOC's net production of oil and gas increased by 6.1% year-on-year, reaching 384.6 million barrels of oil equivalent, aided by a significant rise in natural gas production [1][2] Financial Performance - CNOOC's revenue for the first half of the year was 207.6 billion yuan, while net profit was 69.5 billion yuan [1] - China National Petroleum Corporation (CNPC) reported a revenue of 1.45 trillion yuan, down 6.7%, and a net profit of 84 billion yuan, down 5.4% [1] - China Petroleum & Chemical Corporation (Sinopec) had a revenue of approximately 1.41 trillion yuan, a decrease of 10.6%, with net profit plummeting by 39.8% to 21.5 billion yuan [1] Exploration and Production - CNOOC made five new oil and gas discoveries and successfully evaluated 18 oil and gas structures during the reporting period [2] - The company achieved significant breakthroughs in exploration, including the first metamorphic rock exploration in the South China Sea [2] - CNOOC's domestic oil and gas production reached 266.5 million barrels of oil equivalent, a 7.6% increase, while overseas production was 118.1 million barrels of oil equivalent, up 2.8% [2] Production Composition - The company's oil and gas production comprised 77.0% and 23.0%, respectively, with oil liquid production increasing by 4.5% and natural gas production rising by 12.0% [3] Technological Advancements - CNOOC is focusing on technological innovation and digital transformation, achieving breakthroughs in geophysical exploration and complex reservoir management [3] - The company has implemented AI and satellite technology for precise oil spill tracing and efficient emergency response to typhoons, recovering over 600,000 tons of oil equivalent in production losses [3]