Entity

CNOOC Limited (中国海洋石油有限公司; 中國海洋石油有限公司) is China's largest producer of offshore crude oil and natural gas and one of the world's largest independent oil and gas exploration and production (E&P) companies. Incorporated in Hong Kong in August 1999, the company has been listed on The Stock Exchange of Hong Kong (SEHK: 00883) and the Shanghai Stock Exchange (SSE: 600938) since February 2001. It is a major listed subsidiary of China National Offshore Oil Corporation (CNOOC), which holds approximately 64.4% of its shares.

Business Activities

CNOOC Limited operates exclusively as an upstream E&P company, engaging in exploration, development, production, and sale of crude oil and natural gas. Its core domestic operating areas are Bohai Bay, the Western South China Sea, the Eastern South China Sea, and the East China Sea. Internationally, the company holds oil and gas assets in Asia, Africa, North America (Canada), South America (Guyana, Brazil), Oceania, and Europe.

Financial and Operational Scale

Key metrics from recent results:

• 2024 net production: 726.8 million BOE (record high for the 6th consecutive year)
• H1 2025 net production: 384.6 million BOE (+6% year-on-year)
• H1 2025 oil and gas sales revenue: RMB 171.7 billion
• H1 2025 net profit: RMB 69.5 billion
• Total assets (end-2024): ~RMB 1,056.3 billion
• All-in cost (2024): USD $28.52/BOE
• 2024 capex: RMB 132.7 billion

2025–2027 Production Targets

• 2025: 760–780 million BOE​
• 2026: 780–800 million BOE​
• 2027: 810–830 million BOE​

Subsidiaries

CNOOC Limited operates through a network of wholly-owned subsidiaries covering all major geographic regions:​

• CNOOC China Limited (100%, Tianjin) — domestic offshore operations
• CNOOC International Limited (100%, BVI) — international E&P holding vehicle
• CNOOC Petroleum North America ULC (100%, Canada) — Canadian oil sands and shale operations
• CNOOC Energy U.S.A. LLC (100%, Delaware) — U.S. operations
• CNOOC Southeast Asia Limited (100%, Bermuda) — Southeast Asia operations
• CNOOC Africa Holding Ltd. (100%, BVI) — African operations
• China Offshore Oil (Singapore) International Pte Ltd (100%, Singapore) — trading