#China #Hong Kong #Oil and Gas #CNOOC Limited #Production Growth

CNOOC Limited Reports Significant Production Growth and New Projects

CNOOC Limited, one of China's leading oil and gas producers, has made headlines with the announcement of its operational results for the third quarter of 2026. The company has successfully brought nine new projects online, marking a substantial increase in its production capabilities. This growth is reflected in their net production of 593.7 million barrels of oil equivalent (BOE), which is a notable 2.7% increase from the previous year, allowing the company to achieve a historic high for the same period.

Key Highlights from Q3 2026

In the first three quarters of 2026, CNOOC's domestic production reached 408.5 million BOE, up by 1.9% year-on-year (YoY), mainly due to fruitful contributions from various projects such as Kenli 10-2. Furthermore, the company's overseas production hit 185.1 million BOE, showcasing a 4.3% YoY increase, significantly attributed to their successful endeavors in Guyana and Brazil.

CNOOC has made five new oil and gas discoveries during this period, alongside successful appraisals of 23 oil-bearing structures. Notable fields like Bozhong 8-3 South and Huizhou 21-8 are projected to expand their reserve scales, catalyzing growth in the company's capacity.

Innovation and Sustainability Initiatives

The company is not just expanding its reach but is also focusing on modernization and sustainability. The Bozhong 26-6 oilfield continues to increase production capacity, thereby enhancing energy supply within critical regions such as Beijing-Tianjin-Hebei and the Bohai Rim. Moreover, the Panyu 10-4 oilfield has transitioned to fully automated operations, leveraging intelligent systems that have notably reduced carbon emissions through innovative waste heat recovery methods.

CNOOC's reported oil and gas sales revenue for the first three quarters reached RMB 3,053.5 hundred million, marking a significant 19.5% increase YoY. They also recorded a net profit of RMB 1,191.2 hundred million, translating to a 16.8% growth compared to the previous year. The company's capital expenditures totaled approximately RMB 899 hundred million, executed according to the planned budget.

Future Directions

Mr. Huang Yongzhang, CNOOC’s Vice Chairman and CEO, stated that the company remains committed to growth in reserves and production while enhancing quality and efficiency. CNOOC's vision for the last quarter of 2026 includes focusing intensively on oil and gas exploration and development, while also emphasizing cost reductions and efficiency improvements to ensure that they meet their annual operational goals.

The third quarter of 2026 has proven to be a significant milestone for CNOOC Limited, reflecting not just their operational success but also their strategic push towards innovation and sustainability within the oil and gas sector. As they look ahead, their focus remains on accomplishing high-quality outcomes of production and business operations, setting a strong foundation for the 15th Five-Year Plan period.