Xin Hua Cai Jing·2025-10-30 12:01Core Insights - China National Offshore Oil Corporation (CNOOC) reported a revenue of RMB 255.48 billion and a net profit of RMB 101.97 billion for the first three quarters of the year [1] Production Performance - CNOOC's net oil and gas production reached 578.3 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas production rising by 11.6% [1] - Domestic net production was 400.8 million barrels of oil equivalent, up 8.6% year-on-year, driven by contributions from the Deep Sea No. 1 Phase II and Bohai Zhong 19-2 oil and gas fields [1] - Overseas net production was 177.4 million barrels of oil equivalent, an increase of 2.6% year-on-year, primarily due to contributions from the Mero 3 project in Brazil [1] - In Q3, CNOOC's net production was 193.7 million barrels of oil equivalent, reflecting a year-on-year growth of 7.9% [1] Exploration and Development - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [1] - In Q3, the successful evaluation of the Kenli 10-6 field is expected to expand reserves significantly, potentially becoming a medium-sized oil field [1] - CNOOC launched 14 new projects in the first three quarters, including the Kenli 10-2 oil field group development project and the Guyana Yellowtail project [1] Cost Management - Brent crude oil prices fell by 14.6% year-on-year, allowing CNOOC to maintain a cost advantage with a main cost of USD 27.35 per barrel, down 2.8% year-on-year [2] - Capital expenditures were approximately RMB 86 billion, mainly due to a reduction in the workload of ongoing projects [2] Future Outlook - CNOOC's President Yan Hongtao stated that the company will continue to advance engineering construction and aims to complete its annual production and operational targets in Q4 [2]