On October 8, CNOOC rose 3.06% in regular trading, with turnover of HKD 508 million. The stock gains come as Hong Kong-listed oil and gas producers move broadly higher, driven by elevated oil prices amid Middle East geopolitical risks.

The recent rally across the sector has been underpinned by ongoing supply-side concerns. News this period has highlighted that the Strait of Hormuz remains a key chokepoint, with previous escalations contributing to supply disruptions and keeping Brent prices well above the $98–$103/bbl range. Additionally, some institutions have pointed to limited global spare capacity and low inventory buffers, which continue to support crude price strength despite intermittent cease-fire discussions.

For CNOOC specifically, first-half results showed revenue climbed 16.9% to RMB 242.66 billion while attributable profit rose 23.4% to RMB 85.82 billion, with the company maintaining a low all-in cost of roughly USD 29.7 per barrel of oil equivalent. The firm also declared an interim dividend of HKD 0.94 per share, underscoring a stable shareholder return policy. Brokerages have also maintained or adjusted their views on the company, citing solid cost control and production growth potential.

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