CNOOC Ltd, majority-owned by China National Offshore Oil Corp, on Thursday reported 777.3 million barrels of oil equivalent (MMboe), or 2.13 MMboe a day, in net production last year, increasing seven percent year-on-year and setting a new company record.
Crude output grew 5.8 percent. “Natural gas production surged by 11.6 percent, which helped to sustain the company’s profit resilience”, CNOOC Ltd said in an online statement.
“The company endeavors to sustain crude oil production and control water-cut. Intelligent water injection and production technology was applied on a large scale, which helped to reduce the natural decline rate to 9.5 percent and stay at a good level.Overseas, multiple projects in South America and North America continued to ramp up in production, and drove the company’s production growth”.In 2025 CNOOC Ltd and its partners brought onstream the Yellowtail project in Guyana’s Stabroek block, where it owns a 25 percent stake. Offshore Brazil, CNOOC Ltd and its partners fired up Buzios7 in the Buzios field and Mero4 in the Mero field, where it holds 7.34 percent and 9.65 percent respectively.
At home in 2025 CNOOC Ltd announced nine start-ups in the South China Sea: the Dongfang 1-1 Gas Field 13-3 Block Development Project, the Dongfang 29-1 field, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Development Project, the Weizhou 5-3 field, the Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project, the Wenchang 9-7 field, the Wenchang 16-2 field, phase II of the Wenchang 19-1 field and the Xijiang Oilfields 24 Block Development ProjectIn the Bohai Sea, CNOOC Ltd announced four startups last year: phase I of the Bozhong 26-6 field, the Caofeidian 6-4 field adjustment, phase I of the Kenli 10-2 Oilfields Development Project and phase II of the Luda 5-2 North field