CNOOC Ltd (CNOOC), a subsidiary of China National Offshore Oil Corp, is an upstream oil and gas company that carries out the exploration and production of conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas businesses. It focuses mainly on offshore China with operations in Bohai, Eastern South China Sea, Western South China Sea, and the East China Sea. It also has assets in Asia, Africa, North America, South America, Oceania, and Europe. In FY2024, the company reported a net oil and gas production of 726.8 million barrels of oil equivalent (MMboe).

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CNOOC's research and development efforts focuses on key technologies and promoting digital intelligence transformation. The company's Key exploration and development technologies were strengthened, leading to the discovery of Lingshui 36-1, the world’s first ultra deepwater and ultra-shallow layer gas field with reserves exceeding 100 billion cubic meters in the South China Sea. A major breakthrough was also made in the Huizhou 19-6 oilfield, the first 100-million-ton oil field in the deepwater and deep-play of the Eastern South China Sea. Additionally, China’s first offshore ultra-deep extended-reach well was successfully drilled at the Enping 21-4 oilfield. The company made significant progress in the independent design, construction, and installation of deepwater oil and gas equipment, with Asia’s first cylindrical FPSO Haikui-1 and Asia’s tallest deep-water jacket Haiji-2 being operationalized. The first offshore mobile thermal recovery platform, Recai-1, was also put into operation, enhancing thermal production in Bohai. Digital and intelligent transformation was steadily advanced, with the construction of unmanned and minimally manned offshore platforms and the establishment of smart oil and gas field construction benchmarks, Shenhai-1 and Qinhuangdao 32-6. The integration of digital and intelligent technologies with traditional industries was promoted using the Haineng artificial intelligence model. In FY2024, the company incurred a research and development expenditure of CNY3,436 million which was 0.8% of the company's total revenue and declined 16.9% YoY.