Cnooc Could Gain on Oil, Gas Breakthroughs -- Market Talk

Dow Jones
2025/08/28

0716 GMT - Cnooc's shares could rise given its breakthroughs in oil and gas exploration and discoveries, Citi's Desmond Law and Oscar Yee say in a note. The Chinese energy company made five new offshore discoveries in China and appraised several large- and medium-sized oil and gas bearing structures in 1H. It looks poised to meet its 2025 target reserve replacement ratio of not less than 130%, they say. Cnooc also advanced its deep water exploration campaign in Guyana and signed its first oil contract for exploration in a new Kazakhstan block, which enlarges its overseas exploration portfolio. Citi maintains its buy rating and HK$24.00 target. Cnooc's Hong Kong-listed shares gain 4.1% to HK$19.41. (megan.cheah@wsj.com)

 

(END) Dow Jones Newswires

August 28, 2025 03:16 ET (07:16 GMT)

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