CNOOC Limited today announced its operating results for the third quarter of 2026. The Company continued to increase its reserves and production and steadily advanced exploration and development projects, achieving continued growth in net production of oil and gas and net profit attributable to equity shareholders.
In the first three quarters, the Company achieved a net production of 593.7 million barrels of oil equivalent ('BOE'), an increase of 2.7% year-on-year ('YoY'), hitting a historic high for the same period. Net production from China reached 408.5 million BOE, an increase of 1.9% YoY, which was mainly attributable to the production contribution from projects including Kenli 10-2. Overseas net production reached 185.1 million BOE, an increase of 4.3% YoY, which was mainly attributable to the production contribution from projects in Guyana and Brazil, among others.
For exploration, the Company made 5 new discoveries and successfully appraised 23 oil and gas-bearing structures in the first three quarters. Among them, Bozhong 8-3 South and Huizhou 21-8 continued to expand their reserve scale and are expected to become large and medium-sized oil and gas fields. For development and production, 9 new projects commenced production in the first three quarters. Bozhong 26-6 Oilfield continued to expand production capacity, effectively bolstering energy supply capacity in the Beijing-Tianjin-Hebei and Bohai Rim regions. 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 of 2026, the Company’s unaudited oil and gas sales revenue reached RMB3,053.5 hundred million, an increase of 19.5% YoY. Net profit attributable to equity shareholders of the Company reached RMB1,191.2 hundred million, an increase of 16.8% YoY. The Company’s capital expenditures amounted to approximately RMB899 hundred million, all implemented as planned. During the period, the Company’s safety and environmental performance remained generally stable and under control.
Mr. Huang Yongzhang, Vice Chairman, Chief Executive Officer and President of the Company, said, '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.'
Source: CNOOC Limited
