CNOOC Ltd
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CNOOC Ltd
In the vast expanse of China's energy sector, CNOOC Ltd. stands as a commanding figure, bridging the gap between the nation’s thirst for energy and the immense reserves hidden beneath the ocean floor. Established in 1982, CNOOC Ltd. has evolved into the largest offshore oil and gas producer in China. The company operates primarily through its exploration and production segment, where it embarks on the quest to discover and extract hydrocarbons from offshore basins. With a significant stake in fields across the Bohai Bay, South China Sea, and even ventures into international waters, CNOOC’s operations are the embodiment of calculated risk and high reward. The company’s ability to harness advanced technology and expertise plays a crucial role in turning these underwater treasures into viable energy sources, contributing extensively to the robustness of China’s energy supply.
CNOOC Ltd.’s business model intricately weaves exploration, development, and production, which allows the company to efficiently convert discovered reserves into financial health. Their income primarily stems from the sale of crude oil, natural gas, and petroleum products, surfacing from deep-sea extraction. This process is buoyed by strategic partnerships and joint ventures globally, extending their influence and capacity. Furthermore, by leveraging government backing and access to capital, CNOOC maintains a competitive edge in securing lucrative exploration rights and maintaining operational resilience even amidst fluctuating oil prices. Consequently, CNOOC Ltd. not only drives forward with a strong production profile but also consistently contributes significant energy resources to meet the growing demands of China and beyond.
In the vast expanse of China's energy sector, CNOOC Ltd. stands as a commanding figure, bridging the gap between the nation’s thirst for energy and the immense reserves hidden beneath the ocean floor. Established in 1982, CNOOC Ltd. has evolved into the largest offshore oil and gas producer in China. The company operates primarily through its exploration and production segment, where it embarks on the quest to discover and extract hydrocarbons from offshore basins. With a significant stake in fields across the Bohai Bay, South China Sea, and even ventures into international waters, CNOOC’s operations are the embodiment of calculated risk and high reward. The company’s ability to harness advanced technology and expertise plays a crucial role in turning these underwater treasures into viable energy sources, contributing extensively to the robustness of China’s energy supply.
CNOOC Ltd.’s business model intricately weaves exploration, development, and production, which allows the company to efficiently convert discovered reserves into financial health. Their income primarily stems from the sale of crude oil, natural gas, and petroleum products, surfacing from deep-sea extraction. This process is buoyed by strategic partnerships and joint ventures globally, extending their influence and capacity. Furthermore, by leveraging government backing and access to capital, CNOOC maintains a competitive edge in securing lucrative exploration rights and maintaining operational resilience even amidst fluctuating oil prices. Consequently, CNOOC Ltd. not only drives forward with a strong production profile but also consistently contributes significant energy resources to meet the growing demands of China and beyond.
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.
