CNOOC Limited Posts Record Profits Amid Production Gains

The company’s revenue from oil and gas sales climbed 20% to RMB206.1 billion, supported by a strategy of aggressive resource expansion. During the first six months, CNOOC successfully completed four new discoveries and appraised 16 oil and gas structures, extending its operational footprint from the Bohai Bay and South China Sea to new blocks in Brazil and Indonesia. Development efficiency remained a priority, with five new projects brought on-stream, including the Buzios8 project in Brazil and multiple offshore installations in China.

Technological integration played a central role in maintaining these margins, with the company achieving record-high daily drilling efficiency and expanding its "Digital & Intelligent CNOOC" initiative. Innovations such as the "Haiyou Anlan" floating wind power platform and the commissioning of China’s first offshore carbon capture, utilization, and storage project underscore a shift toward cleaner, lower-carbon extraction methods. With an all-in cost of US$29.7 per barrel, the company intends to sustain this momentum through the remainder of the year. The Board of Directors has declared an interim dividend of HK$0.94 per share, totaling a record RMB38.8 billion payout to shareholders.