CNOOC (00883) announced its financial results for the first three quarters of 2025. The company reported oil and gas sales revenue of approximately 255.48 billion yuan, a year-on-year decrease of 5.9%, primarily due to lower realized oil prices. Net profit attributable to shareholders of the parent company reached 101.97 billion yuan, down 12.6% compared to the same period last year.

During the reporting period, CNOOC's average realized oil price stood at $68.29 per barrel, representing a 13.6% decline year-on-year, while the average realized gas price rose 1.0% to $7.86 per thousand cubic feet. The company maintained effective cost control, with its main cost per barrel of oil equivalent decreasing 2.8% to $27.35.

Exploration achievements included five new discoveries and successful evaluation of 22 oil and gas structures in the first nine months, with four structures assessed in the third quarter alone. Notable evaluations included the Kenli 10-6 structure, which shows potential to become a medium-sized oil field, and the Lingshui 17-2 structure, demonstrating significant reserve growth through integrated development.

On the production front, CNOOC brought 14 new projects on stream during the first three quarters, including four in Q3: Phase I of the Kenli 10-2 oilfield cluster development, Block 13-3 of the Dongfang 1-1 gas field development, the Wenchang 16-2 oilfield development, and the Guyana Yellowtail project. Other projects are progressing steadily according to plan.