Key facts: CNOOC 2025 profit −11%, record output 777.3m barrels; reserves 7.77bn BOE up 6.9%
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Cnooc (600938) forecasts a 2025 net profit of ¥122.1 billion, down 11%, with revenue expected at ¥398.2 billion. The company achieved a record output of 777.3 million barrels and reported a 6.9% increase in proved reserves to 7.77 billion BOE. For 2026, Cnooc plans capital expenditures between ¥112-122 billion and aims for a production target of 780-800 million BOE, alongside exploration plans including six new oil and gas discoveries and appraisal of 28 structures in Guyana.
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