The Manila Times·2025-10-30 09:14Core Viewpoint - CNOOC Limited reported steady growth in production and reserves for the first three quarters of 2025, demonstrating resilience in profitability despite a decline in Brent oil prices [2][5]. Production and Reserves - In the first three quarters of 2025, CNOOC Limited achieved a net production of 578.3 million barrels of oil equivalent (BOE), marking a 6.7% year-on-year increase, with natural gas production rising by 11.6% [3]. - Domestic net production increased by 8.6% year-on-year to 400.8 million BOE, primarily due to contributions from Shenhai-1 Phase II and Bozhong 19-2 oil and gas fields [3]. - Overseas net production rose by 2.6% year-on-year to 177.4 million BOE, driven by projects such as Mero 3 in Brazil [3]. - In the third quarter alone, net production reached 193.7 million BOE, representing a year-on-year increase of 7.9% [3]. Exploration and Development - The company made 5 new discoveries and successfully appraised 22 oil and gas-bearing structures, including the Kenli 10-6 appraisal, which is expected to become a medium-sized oilfield [4]. - Fourteen new projects commenced production, including the Kenli 10-2 Oilfields Development Project (Phase I) and the Yellowtail Project in Guyana [4]. Financial Performance - CNOOC Limited's oil and gas sales revenue for the first three quarters of 2025 reached RMB255.48 billion, with a net profit attributable to equity shareholders of RMB101.97 billion [5]. - The all-in cost was US$27.35 per BOE, a decrease of 2.8% year-on-year, indicating effective cost control [5]. - Capital expenditures were approximately RMB86.0 billion, primarily due to lower workloads of projects under construction [5]. Management Commentary - The President of CNOOC Limited stated that the company advanced project construction in an orderly manner and maintained effective cost control measures, with a focus on achieving full-year operating objectives in the fourth quarter [6].