CNOOC output reaches 593.7 million boe as nine projects start up

CNOOC produced 593.7 million barrels of oil equivalent (boe) in the first nine months of 2026, up 2.7% from a year earlier, as nine new projects entered production, Offshore Energy reported. The Chinese state-owned oil and gas producer said output reached a record for the period, alongside increases in sales revenue and profit attributable to equity shareholders.

Production in China totalled 408.5 million boe, a year-on-year increase of 1.9%, supported mainly by contributions from projects including Kenli 10-2. Overseas output rose faster, increasing 4.3% to 185.1 million boe. CNOOC attributed that growth primarily to production from projects in Guyana and Brazil, among other locations, according to Offshore Energy.

Exploration work yielded five discoveries and appraisals of 23 oil and gas-bearing structures during the first three quarters. The company reported further reserve growth at Bozhong 8-3 South and Huizhou 21-8, which it expects to develop into large and medium-sized fields. Meanwhile, additional production capacity at Bozhong 26-6 strengthened energy supply to the Beijing-Tianjin-Hebei and Bohai Rim regions.

At Panyu 10-4, CNOOC said intelligent systems had enabled fully automated operations. It also reported a significant reduction in carbon dioxide emissions through a power generation system using waste heat recovered from produced water. For the fourth quarter, the company plans to intensify exploration and development while pursuing cost reductions and operational efficiencies to meet its annual targets.

Unaudited oil and gas sales revenue increased 19.5% to RMB305.35 billion ($45.84 billion), while net profit attributable to equity shareholders rose 16.8% to RMB119.12 billion ($17.89 billion). Capital expenditure stood at about RMB89.90 billion ($13.50 billion), with spending proceeding as planned, the report said.

Separately, Offshore Energy reported that Haiyang Shiyou 302 completed CNOOC’s 100th LNG bunkering operation at Ningbo-Zhoushan Port on 25 September. The operation took place in the Chuanshan Port Area, bringing the company’s cumulative LNG bunkering volume at the port to more than 500,000 cubic metres.