China National Offshore Oil Corporation — Cyborg Score 8/10
Strong
Oil & Gas Exploration and Production
Strategic Profile
In 2025, CNOOC Limited reported net production of 777.3 million barrels of oil equivalent (MMboe), a company record, increasing 7% year-on-year. For 2026, the company expects to produce 780-800 MMboe. The company is diversifying its portfolio with projects in Brazil, Guyana, Iraq, Kazakhstan, and Indonesia, while maintaining strong domestic production in the South China Sea.
Cyborg Score Rationale
CNOOC achieved record production of 777 million BOE in 2025, demonstrating operational excellence and reserve replacement. The company maintains investment discipline with 2026 capital expenditure of CNY 112-122 billion and continues to expand internationally while sustaining domestic offshore output. However, as a state-owned enterprise in a commodity-dependent sector, it faces geopolitical and energy transition headwinds.
Top Insights
CNOOC had 7.77 billion barrels of oil equivalent in net proven reserves at yearend 2025, up 6.9% year-over-year
Natural gas production surged 11.6%, helping sustain the company's profit resilience
CNOOC successfully appraised two oilfields in Guyana's Stabroek block and acquired four new exploration projects in Iraq, Kazakhstan, and Indonesia, diversifying the overseas asset portfolio
Standard & Poor's issued CNOOC Limited a credit rating of A+, while Moody's issued A1
Named Competitors
PetroChina — Largest Chinese national oil company
Sinopec — Second-largest Chinese national oil company
Shell — Global integrated oil and gas company
Equinor — Norwegian offshore oil and gas operator
Recent Developments
(March 2026) CNOOC Ltd set a 2026 production target of 780-800 MMboe and approved 2026 capital expenditure of CNY 112-122 billion
(December 2025) CNOOC began production at the Weizhou 11-4 oilfield project in the Beibu Gulf Basin, South China Sea
(2025) CNOOC announced nine start-ups in the South China Sea including Dongfang, Panyu, Weizhou, Wenchang, and Xijiang fields
Open the full interactive China National Offshore Oil Corporation report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.