CNOOC Profit Rises 16.8% as Oil Production Hits Record High on Nine New Projects

HONG KONG, October 30, 2026 — CNOOC Limited, China’s largest offshore oil and gas producer, reported a 16.8 per cent increase in net profit for the first nine months of 2026, supported by record production and the start-up of nine new projects as the company expanded operations at home and overseas.

The Hong Kong-listed energy group said on Friday that net profit attributable to shareholders rose to Rmb119.12bn ($16.7bn approximately) during the January-to-September period, while oil and gas sales revenue increased 19.5 per cent year on year to Rmb305.35bn.

Net oil and gas production reached a record 593.7mn barrels of oil equivalent (boe), up 2.7 per cent from the same period last year, reflecting contributions from newly commissioned fields in China and growing output from international operations.

The results highlight CNOOC’s continued investment in upstream oil and gas production as China seeks to strengthen domestic energy supplies while expanding its international petroleum portfolio.

Domestic production rose 1.9 per cent to 408.5mn boe, driven partly by contributions from the Kenli 10-2 project and other developments in China’s offshore basins.

Overseas production increased at a faster pace, climbing 4.3 per cent to 185.1mn boe, supported by projects in Guyana and Brazil, where CNOOC has been expanding its presence in offshore oil developments.

The company brought nine new projects into production during the first three quarters, strengthening its capacity to sustain output growth.

Among its domestic developments, the Bozhong 26-6 oilfield continued to expand production capacity, contributing to energy supplies in the Beijing-Tianjin-Hebei region and the wider Bohai Rim economic area.

CNOOC also reported progress at the Panyu 10-4 oilfield, where intelligent operating systems have enabled fully automated production.

The project incorporates a power generation system that recovers waste heat from produced water, an initiative the company said had significantly reduced carbon dioxide emissions.

Exploration activities remained active, with five new discoveries and successful appraisal of 23 oil and gas-bearing structures during the nine-month period.

CNOOC said the Bozhong 8-3 South and Huizhou 21-8 discoveries had continued to demonstrate expanding reserves, raising expectations that they could develop into sizeable oil and gas fields.

The company spent approximately Rmb89.9bn on capital expenditure during the period, with investment progressing according to its development plans.

Huang Yongzhang, CNOOC’s vice-chairman, chief executive and president, said the company’s performance reflected its emphasis on expanding reserves, increasing production and maintaining cost competitiveness.

“In the first three quarters, CNOOC Limited continued to pursue reserves and production growth and quality and efficiency enhancement, achieved steady growth in oil and gas production, and maintained its cost competitiveness,” Huang said.

He added that the company would intensify exploration and development activities during the final quarter of the year while strengthening operational efficiency and cost controls.

“In the fourth quarter, we will focus on our annual targets, step up efforts in oil and gas exploration and development, and strengthen cost reduction, efficiency enhancement and lean management,” Huang said.

The company said it was positioning its operations for the start of China’s 15th Five-Year Plan period, which runs from 2026 to 2030 and sets out the country’s economic and industrial development priorities.

CNOOC’s growing international production reflects the increasing importance of overseas assets to its overall portfolio, particularly in offshore oil-producing regions such as South America.

However, domestic operations remain the company’s largest source of production, accounting for approximately 69 per cent of total output during the first nine months.

The company said its safety and environmental performance remained broadly stable during the reporting period.

CNOOC’s latest figures are unaudited and cover the first three quarters of 2026. The company did not provide a revised full-year production forecast in its announcement.