CNOOC Ltd
F:NC2A
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CNOOC Ltd
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CNOOC Ltd
CNOOC Ltd is China’s main offshore oil and gas company. It explores for crude oil and natural gas, develops offshore fields, and produces the hydrocarbons that later become fuel, chemicals, and other energy products. Its core business is finding reserves under the sea, bringing them into production, and selling the output to refiners, traders, and industrial users. The company makes money mainly by selling oil and gas, so its income depends on production volumes and market prices for those commodities. It also earns from related services tied to field development and operations, but the heart of the business is upstream energy production rather than refining or retail fuel sales. That means it sits near the start of the energy value chain, where geology, drilling skill, and access to offshore resources matter most. What makes CNOOC different is its focus on offshore projects, especially in China and nearby waters, where it has built deep technical expertise and long-lived operating assets. It is not a consumer brand and does not sell directly to households. Instead, it is a large industrial supplier that turns offshore reserves into usable energy for domestic and global markets.
CNOOC Ltd is China’s main offshore oil and gas company. It explores for crude oil and natural gas, develops offshore fields, and produces the hydrocarbons that later become fuel, chemicals, and other energy products. Its core business is finding reserves under the sea, bringing them into production, and selling the output to refiners, traders, and industrial users.
The company makes money mainly by selling oil and gas, so its income depends on production volumes and market prices for those commodities. It also earns from related services tied to field development and operations, but the heart of the business is upstream energy production rather than refining or retail fuel sales. That means it sits near the start of the energy value chain, where geology, drilling skill, and access to offshore resources matter most.
What makes CNOOC different is its focus on offshore projects, especially in China and nearby waters, where it has built deep technical expertise and long-lived operating assets. It is not a consumer brand and does not sell directly to households. Instead, it is a large industrial supplier that turns offshore reserves into usable energy for domestic and global markets.
Production Growth: Net oil and gas production reached 384.6 million BOEs in 1H 2025, up 6.1% year-on-year, with natural gas production rising 12%.
Profitability: Net profit attributable to shareholders was RMB 69.5 billion, down 12.8% year-on-year, but still the third highest in company history for this period.
Cost Control: All-in cost dropped 2.9% year-on-year to USD 26.94 per BOE, nearing best-ever levels and supporting profitability despite lower oil prices.
Dividend: Interim dividend set at HKD 0.73 per share, with a payout ratio of 45.5%, up 5 percentage points year-on-year and second highest in history.
CapEx & Financial Strength: CapEx reached HKD 57.6 billion in 1H 2025; free cash flow was RMB 57 billion and gearing ratio remained low at 8.4%.
Exploration Success: Five new discoveries and 18 successful appraisals strengthened reserves, and 10 new projects commenced production on schedule.
Green Transition: Continued progress on green initiatives, including offshore wind, CCUS, and cleaner production, with new energy projects progressing but oil and gas remaining core.
Outlook: Management expects production and CapEx to rise in 2H 2025, and maintains focus on quality growth, cost control, and robust shareholder returns.
Management
Xin Wang serves as the Chief Executive Officer (CEO) of CNOOC Limited. With extensive experience in the oil and gas industry, she has played a crucial role in advancing the company's strategic initiatives and operational excellence. Before becoming CEO, Ms. Wang held various leadership positions within CNOOC, contributing significantly to its exploration and production activities. Her leadership is marked by a deep understanding of the energy sector, a focus on sustainable development, and efforts to enhance CNOOC's global presence. Under her guidance, the company has continued to expand its resource base and technological capabilities, reinforcing its position as a leading player in the industry.
Yugao Xu is a prominent executive associated with China National Offshore Oil Corporation (CNOOC) Limited, one of the largest national oil companies in China. He has played a significant role in the operations and strategic initiatives of CNOOC. With extensive experience in the oil and gas industry, Mr. Xu has been instrumental in advancing CNOOC's exploration and production capabilities. His leadership has contributed to the company's growth and its ability to compete in the global energy market. Xu's work often involves overseeing technological advancements and ensuring efficient production processes within CNOOC's diverse portfolio of energy projects. His expertise is not only confined to technical and operational areas but also extends into management and strategic governance. This includes fostering international partnerships and navigating the complex regulatory environments that energy companies often encounter. Xu has a background in engineering and management, which supports his efforts in driving innovation and sustainability practices within CNOOC. His role in senior management highlights his commitment to enhancing the company's competitive edge through robust leadership and industry knowledge.
With extensive experience in the oil and gas industry, Mr. Xu has been instrumental in advancing CNOOC's exploration and production capabilities. His leadership has contributed to the company's growth and its ability to compete in the global energy market. Xu's work often involves overseeing technological advancements and ensuring efficient production processes within CNOOC's diverse portfolio of energy projects.
His expertise is not only confined to technical and operational areas but also extends into management and strategic governance. This includes fostering international partnerships and navigating the complex regulatory environments that energy companies often encounter.
Xu has a background in engineering and management, which supports his efforts in driving innovation and sustainability practices within CNOOC. His role in senior management highlights his commitment to enhancing the company's competitive edge through robust leadership and industry knowledge.
Jing Liu serves as a key executive at CNOOC Limited, holding the position of Chief Financial Officer since February 2022. She brings extensive experience in finance and accounting to her role, having previously worked in various senior capacities within CNOOC and its subsidiaries. Her expertise spans corporate finance, strategic planning, mergers and acquisitions, and capital markets. With a strong educational background in finance, Ms. Liu has been instrumental in shaping the financial strategy of CNOOC, leveraging her skills to enhance the company’s financial health and operational efficiency. Under her leadership, CNOOC aims to maintain its competitive edge in the energy industry through sound fiscal management and strategic financial initiatives.
