Zheng Quan Ri Bao Wang·2025-08-29 06:45Core Viewpoint - China National Offshore Oil Corporation (CNOOC) emphasizes a survival strategy that prepares for low oil prices, focusing on building a solid foundation and strong risk resistance rather than relying on high oil prices or speculation [1][3]. Financial Performance - In the first half of the year, CNOOC's net profit attributable to shareholders decreased by 12.8% year-on-year due to a 15.1% drop in the average Brent crude oil price [2]. - The company plans to distribute an interim dividend of HKD 0.73 per share, with a payout ratio of 45.51%, an increase from 40.3% in the same period last year [2]. - CNOOC's main oil production cost was USD 26.94 per barrel of oil equivalent, down 2.9% from USD 27.75 per barrel in the previous year, reflecting the effectiveness of its low-cost development strategy [2]. Cost Management and Operational Efficiency - CNOOC's management highlights that low costs are a key long-term competitive advantage, with ongoing efforts to enhance operational efficiency through various measures [3]. - The company aims to continue reducing costs and increasing efficiency through technological advancements, lean management, and optimizing investment structures [3]. New Energy Development - CNOOC plans to acquire 5 to 10 million kilowatts of new energy resources by 2025, with ongoing projects in offshore wind power and distributed solar energy [4]. - The company emphasizes a focus on quality and capability in its new energy investments, avoiding blind investments while aiming for a second growth curve beyond oil and gas [4]. Natural Gas Production - CNOOC's natural gas production saw a significant increase of 12.0% year-on-year, with production levels exceeding historical highs due to strong performance from key projects [5]. - The company aims to increase the proportion of natural gas in its production mix, recognizing the advantages of natural gas over crude oil in terms of stable production cycles and lower operating costs [5][6].