Chinese state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC) is advancing its growth trajectory by capitalizing on production achieved at nine new projects, five oil and gas discoveries, and 23 appraisal campaigns in the first three quarters of 2026, as its output continues to hit new highs.
CNOOC’s operating results for the third quarter of 2026 show that the company kept increasing its reserves and production while progressing exploration and development projects, achieving continued growth in net production of oil and gas, and net profit attributable to equity shareholders.
The Asian giant made five discoveries and appraised 23 oil and gas-bearing structures in the first three quarters of 2026, including Bozhong 8-3 South and Huizhou 21-8, which continued to expand their reserve scale and are expected to become large and medium-sized oil and gas fields. The company underlines that nine new projects were put into production mode in the first three quarters.
While Bozhong 26-6 oilfield continued to expand production capacity, effectively bolstering energy supply capacity in the Beijing-Tianjin-Hebei and Bohai Rim regions, the firm explained that Panyu 10-4 oilfield achieved fully automated operations through intelligent systems and significantly reduced carbon dioxide emissions by applying a power generation system that recovers waste heat from produced water.
"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. 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, to ensure the high-quality completion of the annual production and business operation tasks and make a good start to the 15th five-year plan period."
The Chinese giant reported a net production of 593.7 million barrels of oil equivalent (boe) in the first three quarters of 2026, an increase of 2.7% year-on-year, hitting a historic high for the same period. The firm’s net production from China reached 408.5 million boe, a boost of 1.9% year-on-year, which was mainly attributable to the production contribution from projects such as Kenli 10-2.
The Asian player’s overseas net production reached 185.1 million boe, an uptick of 4.3% year-on-year, which was mainly attributable to the production contribution from projects in Guyana and Brazil, among others.
CNOOC’s unaudited oil and gas sales revenue reached RMB 305.35 billion ($45.84 billion) in the first three quarters of 2026, an increase of 19.5% year-on-year, while net profit attributable to equity shareholders climbed to RMB 119.12 billion ($17.89 billion), a jump of 16.8% year-on-year.
The Asian player's capital expenditures amounted to around RMB 89.90 billion ($13.50 billion), all implemented as planned. According to the Chinese giant, its safety and environmental performance remained generally stable and under control during this period.