China's largest company records a drop in profits amid lower oil prices

15:51 - 30.10.2025

October 30, Fineko/abc.az. China's largest offshore oil company CNOOC Ltd. reported about a decrease in net profit for the 3rd quarter of 2024 up to 32.4 bn yuans ($4.6 bn) from 36.9 bn yuans a year earlier, despite continued high production rates.

ABC.AZ informs that company's quarterly results came under pressure due to lower average oil prices. Brent brand in July-September was traded at about $68 per barrel against $79 a year earlier. Amid the shift in drilling focus from depleted onshore fields to less developed offshore basins, CNOOC provided nearly 80% of increase in China's domestic oil production over the past year.

CNOOC remains the most sensitive of China's three state-owned oil giants to fluctuations in global oil prices, as it does not have as developed a refining and distribution network as Sinopec and PetroChina.