Summary of Key Points Core Viewpoint - The report provides an overview of the fundraising activities and the management of the raised funds by China National Offshore Oil Corporation (CNOOC), detailing the total amount raised, its allocation, and the current status of the funds as of June 30, 2025 [1]. Fundraising Overview - The total amount raised from the initial public offering (IPO) was RMB 3,229,200,000, with a net amount of RMB 3,209,908,670 after deducting issuance costs [1]. - The funds were fully received by May 23, 2022, and have been deposited in designated bank accounts [1]. Fund Management and Storage - CNOOC has established a dedicated fund management policy to ensure the safety and effective use of the raised funds, complying with relevant regulations [1]. - The company has set up special accounts for the raised funds at various banks, including agreements for three-party and four-party supervision to ensure proper management [1]. Fund Utilization - As of June 30, 2025, the balance in the fundraising account was RMB 244,048,530 [1]. - The report includes a detailed table of the actual use of the raised funds, indicating that a total of RMB 3,032,338,210 has been utilized for various projects [4]. Project Investment Status - Specific projects funded include the Payara oilfield development, which has reached its investment limit by December 2023, and is expected to achieve peak production by February 2024 [4]. - The report indicates that all projects funded by the raised capital are progressing towards their intended operational status [4]. Compliance and Reporting - CNOOC has ensured timely and accurate disclosure of fundraising information, with no violations reported regarding the use of the raised funds [2][4]. - The company has not engaged in using idle funds for temporary liquidity or cash management investments during the reporting period [4].

Group 1 - The board of directors of China National Offshore Oil Corporation (CNOOC) held its ninth meeting of 2025 on August 27, 2025, with 9 directors invited and 7 present, ensuring compliance with legal and regulatory requirements [1] - The board approved the mid-term performance and semi-annual report, which was reviewed by the audit committee prior to submission [1] - The board also approved the mid-term dividend distribution plan, with unanimous support from all voting directors [2] Group 2 - The board reviewed and approved the semi-annual risk assessment report of the financial company, with 4 votes in favor and no opposition, while some directors abstained from voting [2] - The board approved the report on the management and actual use of raised funds for the first half of 2025, receiving unanimous support [2] - The board approved the annual review of the audit committee's charter and confirmed compliance with the revised Code of Conduct for directors and senior management [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) will release its 2025 interim report after market close on August 27, 2025, providing insights into its operational results and financial status for the first half of 2025 [1] Group 1 - The company plans to hold a performance briefing on September 5, 2025, from 16:00 to 17:00, to address investor concerns and facilitate communication [1]

Core Insights - China National Offshore Oil Corporation (CNOOC) reported a mid-year performance for 2025, with oil and gas sales revenue approximately 171.7 billion yuan, a year-on-year decrease of 7% [1] - Total revenue was about 207.6 billion yuan, reflecting a year-on-year decline of 8.45% [1] - Net profit attributable to shareholders was around 69.5 billion yuan, down 13% year-on-year, with basic earnings per share at 1.46 yuan and an interim dividend of 0.73 HKD per share [1] Revenue and Profitability - Oil and gas sales revenue decreased by 7% to approximately 171.7 billion yuan [1] - Total revenue fell by 8.45% to about 207.6 billion yuan [1] - Net profit attributable to shareholders was approximately 69.5 billion yuan, a decline of 13% compared to the previous year [1] Production and Exploration - The company continued to enhance reserves and production, achieving significant oil and gas exploration results [1] - New oil and gas discoveries were made in Chinese waters, including five new finds such as Jinzhou 27-6 [1] - The company successfully evaluated large and medium-sized oil and gas structures like Qinhuangdao 29-6, with steady growth in unconventional natural gas reserves on land [1] International Expansion - CNOOC's deepwater exploration in Guyana continues to increase reserves [1] - The company signed its first oil contract for exploration in a new block in Kazakhstan, further expanding its overseas exploration potential [1] Production Metrics - In the first half of the year, the company's net production reached 384.6 million barrels of oil equivalent [1] - Natural gas production saw a significant increase of 12.0%, with both domestic and international production exceeding historical levels for the same period [1]

Financial Data and Key Indicators Changes - In the first half of 2025, net profit attributable to shareholders reached RMB 69.5 billion, a decrease of 12.8% year on year, primarily due to a 15.1% decline in Brent oil prices [20][10][24] - Oil and gas sales revenue was RMB 171.7 billion, with all-in costs remaining stable at USD 26.94 per barrel, down 2.9% year on year [10][23] - The company maintained a gearing ratio of 8.4%, indicating a healthy financial position, with total assets increasing to RMB 1,119 billion [22][23] Business Line Data and Key Indicators Changes - Net oil and gas production reached 384.6 million BOEs, up 6.1% year on year, with natural gas production rising by 12% [4][14] - The company made five new discoveries and successfully appraised 18 oil and gas structures, with 10 new projects commencing production [4][9] - The interim dividend was set at HKD 0.73 per share, with a payout ratio of 45.5%, marking the second highest in the company's history [5][24] Market Data and Key Indicators Changes - Brent oil prices decreased by 15.1%, impacting overall profitability but the decline in net profit was less severe than the drop in oil prices [20][21] - The company reported strong performance in the domestic natural gas market, with production volume increasing due to new projects in the Bohai region and South China Sea [30][72] Company Strategy and Development Direction - The company aims to enhance oil and gas reserves and production while promoting green energy transition and independent technological innovation [25][64] - There is a commitment to maintaining oil and gas as the core business, with new energy development seen as a supplementary growth area [64][60] - The focus remains on high-quality development and efficiency improvement to ensure sustainable growth [25][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by fluctuating oil prices but emphasized the company's resilience and ability to control costs [20][44] - The outlook for oil prices in 2025 is projected to be around USD 65 to USD 70, influenced by various geopolitical factors [46][47] - The company plans to continue investing in technological innovations to drive down costs and improve operational efficiency [40][88] Other Important Information - The company has made significant advancements in technological capabilities, including intelligent drilling and completion initiatives, which have improved operational efficiency [17][88] - The company is actively exploring new energy projects, including offshore wind power and solar energy, while ensuring that these initiatives align with internal investment thresholds [55][60] Q&A Session Summary Question: What are the reasons behind the increase in natural gas production and pricing? - The increase in natural gas production was attributed to additional reserves and production from new projects in the Shanghai and Bozhong areas, with stable pricing due to long-term contracts [30][31] Question: Will the dividend payout ratio improve for the whole year? - The interim dividend payout ratio was set at 45.5%, and while future dividends will be evaluated based on various factors, the company aims to maintain a high-quality development principle [33][34] Question: What are the expectations for cost reduction and efficiency improvement in the second half of the year? - The company plans to continue its low-cost strategy through technological improvements, lean management, and increased production to enhance overall economic benefits [40][42] Question: What are the plans for new energy business development? - The company is focusing on offshore wind power and other renewable energy projects, ensuring that they meet internal investment criteria and contribute to overall sustainability [55][60] Question: What caused the investment loss in the first half of the year? - The investment loss was primarily due to the performance of a joint venture in Argentina, which was recognized in accordance with accounting standards [66][68] Question: What is the outlook for natural gas production growth? - The company anticipates strong growth in natural gas production, supported by ongoing projects and a stable domestic market [70][72]

金融界2025年8月26日消息，国家知识产权局信息显示，中国石油化工股份有限公司、中石化（上海） 石油化工研究院有限公司取得一项名为"精馏分离装置和生产系统"的专利，授权公告号 CN223263435U，申请日期为2024年09月。 专利摘要显示，本实用新型涉及精馏分离技术领域，公开了一种精馏分离装置和生产系统，所述精馏分 离装置包括精馏塔、精馏塔第一副塔和精馏塔第二副塔；精馏塔设置精馏塔的进料口和第一侧线采出 口，第一侧线采出口的位置不高于精馏塔的进料口的位置；精馏塔第一副塔的塔体上设置有回流口、第 二侧线采出口以及精馏塔第一副塔的进料口；所述第一侧线采出口与精馏塔第一副塔的进料口连通；所 述精馏塔第二副塔塔顶设置有塔顶物料出口，塔底设置有塔底物料出口，塔体上设置有精馏塔第二副塔 的进料口；所述精馏塔第二副塔的进料口与第二侧线采出口连通，所述精馏塔第二副塔的塔底物料出口 与回流口连通。该装置能够提高待分离物料中存在共沸的产物与副产物的分离效率。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。 ...

Group 1 - The State Intellectual Property Office of China granted a patent for a "glass plate liquid level gauge and liquid level measurement method" to China Petroleum & Chemical Corporation, Sinopec Guangzhou Engineering Co., Ltd., and Sinopec Refining Engineering Group Co., Ltd. The patent was applied for on August 2021 [1] - China Petroleum & Chemical Corporation, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of 12,173,968.9893 thousand RMB. The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec Guangzhou Engineering Co., Ltd., founded in 1998, focuses on professional technical services, with a registered capital of 30,000 thousand RMB. The company has invested in 2 enterprises and participated in 4,290 bidding projects, holding 4 trademark records and 863 patent records [1] Group 2 - Sinopec Refining Engineering Group Co., Ltd., established in 2007, is primarily engaged in water management, with a registered capital of 441,854.35 thousand RMB. The company has invested in 12 enterprises and participated in 63 bidding projects, holding 5,000 patent records [2]

Financial Data and Key Metrics Changes - The average price of oil dropped from $70 to $61 per barrel, but hedging mitigated this drop, keeping overall revenues flat [17][18] - Revenues remained level as hedging efforts offset a temporary dip in production [16] - Interest expense decreased by $230,000 per quarter compared to 2024, reflecting ongoing balance sheet improvements [17][20] Business Line Data and Key Metrics Changes - Production at the Grayburg Jackson field increased from approximately 800 barrels per day to about 920 barrels per day, with a goal to reach 1,400 to 1,500 barrels per day by year-end [12][30] - The South Justice field's production rose from 88 barrels per day at acquisition to 117 barrels per day after reactivating idle wells [36][37] Market Data and Key Metrics Changes - The company is targeting funding between $40 million and $50 million to support operations and reduce debt [8][27] - The company anticipates being cash flow positive in Q4 2025, with a significant increase in cash flow expected from debt reduction [13][14] Company Strategy and Development Direction - The company is focused on increasing production through horizontal drilling, with plans to kick off a drilling program in late Q1 2026 [35][62] - Management aims to retire senior debt and seller obligations, which will significantly enhance cash flow [13][27] - The company is exploring overriding royalty interest (ORE) as a financing strategy to avoid dilution of shares and reduce financial risk [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transitioning from a struggling company to a more successful entity, with significant potential for growth in 2026 [40][84] - The management team is confident in their ability to navigate the current oil market, despite potential price fluctuations [47][48] Other Important Information - The company has made significant progress in reducing general and administrative costs, with ongoing efforts to further decrease expenses [19][73] - The company has successfully reduced senior debt from $28 million to approximately $21 million [20] Q&A Session Summary Question: What are the expectations for oil prices going into winter? - Management indicated that oil prices may remain in the $60 range, with geopolitical factors influencing market conditions [46][48] Question: Will Chevron be purchasing the oil produced from new wells? - Management confirmed Chevron's interest in purchasing increased production, indicating a positive relationship with the buyer [52] Question: How important are the four rigs on both properties for the next two quarters? - Management emphasized the critical role of the rigs in boosting production, with plans to optimize their use across fields [69][70] Question: Is there a plan to reduce legal consulting expenses? - Management acknowledged ongoing discussions to reduce costs and improve efficiency in legal and consulting services [72][73] Question: What is the expected impact of horizontal drilling on production? - Management explained that horizontal drilling could significantly increase production rates, potentially yielding 400 to 600 barrels per day per well [63][64]

Core Viewpoint - The "Xuanji" geological rotary steering drilling system developed by China National Offshore Oil Corporation (CNOOC) has achieved significant advancements in directional drilling technology, enabling precise targeting and real-time data transmission over long distances [1] Group 1: Technological Advancements - The "Xuanji" system has transmitted over 500,000 curves and exceeded 500G in total data volume, marking a leap in China's oil and gas directional drilling technology [1] - This technology, referred to as "deep earth guidance," allows for precise drilling along reservoir boundaries and targeting deep-layer objectives [1] - The system has achieved a 40-fold increase in transmission speed, reaching world-class levels [1] Group 2: Operational Achievements - The system successfully conducted remote data transmission over 9,000 kilometers from China to Uganda, hitting deep earth targets [1] - In complex geological operations exceeding 5,000 meters, the Chinese technical team remotely controlled downhole equipment in Uganda, overcoming various technical challenges [1] - The Ugandan Petroleum Authority has highly praised the performance of the "Xuanji" system [1] Group 3: Application and Expansion - The "Xuanji" system is currently being applied on a large scale across all offshore and onshore oil fields in China [1] - The technology has also been promoted to countries involved in the Belt and Road Initiative, including Indonesia and Iraq [1]

进入被誉为亚洲陆上规模最大的页岩油水平井开采平台——华H100平台，"绿水青山就是金山银 山，华H100平台欢迎您"的标语便映入眼帘。举目望去，平台上分布式光伏发电板阵列构成一道亮丽的 风景线，正持续为页岩油井站输送绿色电能。 "通过实时采集电表数据，页岩油物联网云平台可以精确追踪电能的来源与去向。"昆仑数智页岩油 智能化建设项目经理李宏宏介绍说。云平台对每一度电实施精细化管控，通过能耗分析实时优化发电用 电比例，实现清洁能源利用率的最大化。比如，在能源调度上，自发电优先供给井场照明、生活设施及 周边中心站用电，余电则并网销售，"够用就好"的智慧深度融入生产过程。 依托智能管控，实现发电、用电、储电、售电全流程数字化，并通过智能决策提升绿电利用效率， 让每一度电都发挥最大价值。这不仅实现了生产低碳化与经济效益的双赢，更是"绿水青山就是金山银 山"可持续发展理念的生动实践。 从"碳包袱"到"碳资产" 身处黄河流域生态敏感区、被乡村环抱的长庆油田页岩油作业区，环保压力大。作业区以智能化破 题，在关键领域走通了生态与生产协调发展的新路径。 曾被视为"碳包袱"的伴生气，如今正向"碳资产"加速转化。依托全流程智能监控体 ...