CNOOC Ltd

00883: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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CNOOC Maintains Its Edge as a Cost-Efficient Upstream Operator

Chokwai Lee

Oct 31, 2025

Business Strategy and Outlook

CNOOC is the upstream arm of China's third state-owned oil company, China National Offshore Oil. As a result, it's the most direct option for investors seeking exposure to China's energy security policy and long-term plans to increase its oil supply. As it does not have downstream activities, the company has also avoided a large legacy labor force. None of the company's sales are subject to government price controls.

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CNOOC Ltd

CNOOC Maintains Its Edge as a Cost-Efficient Upstream Operator

Business Strategy and Outlook

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