The China National Offshore Oil Corporation (CNOOC) is making progress on its growth path. By leveraging production from 9 new projects, 5 oil and gas discoveries, and 23 evaluation campaigns in the first quarter of 2026, the company has reached new production records.
Increase in Production and Discovery of New Resources
CNOOC's operational results for the third quarter of 2026 indicate that the company continues to increase its reserves and production while advancing exploration and development projects. During this period, net oil and gas production reached 593.7 million barrels of oil equivalent (boe), marking a 2.7 percent increase from the previous year and achieving the highest historical level for this time frame.
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Among the significant discoveries made by the company during this period are the Bozhong 8-3 South and Huizhou 21-8 oil fields, which are expected to become large and medium-sized oil and gas fields. Additionally, the company has evaluated 23 oil and gas reservoir structures and brought 9 new projects into operation.
Automation Operations and Carbon Emission Reduction
While the Bozhong 26-6 oil field continues to increase production capacity, the Panyu 10-4 field has also achieved fully automated operations using smart systems and has significantly reduced carbon dioxide emissions by utilizing an energy production system that recovers heat from produced water.
CNOOC's executives stated that in the first quarter, the company has focused on growing reserves and production, improving quality and efficiency, and maintaining cost competitiveness. In the fourth quarter, the company will concentrate on its annual goals and will enhance its efforts in oil and gas exploration and development to effectively achieve the objectives of the 15th Five-Year Plan.
In this report, the company's net production from China reached 408.5 million boe, representing a 1.9 percent increase from the previous year. This increase is mainly attributed to production from projects such as Kenli 10-2. Additionally, the company's net production outside of China reached 185.1 million boe, reflecting a 4.3 percent increase from the previous year.
In the first quarter of 2026, CNOOC's oil and gas sales revenue reached 305.35 billion yuan (45.84 billion dollars), a 19.5 percent increase compared to the previous year. Furthermore, net profit attributable to shareholders reached 119.12 billion yuan (17.89 billion dollars), indicating a 16.8 percent jump from the previous year.
The company's capital expenditures have reached approximately 89.90 billion yuan (13.50 billion dollars), all of which have been executed as planned. CNOOC has reported that its safety and environmental performance during this period has been generally stable and under control.
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