HONG KONG – October 30, 2026 -- CNOOC Limited's net profit attributable to equity shareholders rose 16.8% year-on-year to RMB 119.12 billion in the first three quarters of 2026, while net oil and gas production climbed 2.7% to a record 593.7 million barrels of oil equivalent (BOE) for the period.
Oil and gas sales revenue grows 19.5% to RMB 305.35 billion
Unaudited oil and gas sales revenue reached RMB 305.35 billion, outpacing the 2.7% production gain. Capital expenditures totaled approximately RMB 89.9 billion, and the company said all spending was implemented as planned. Safety and environmental performance remained generally stable and under control, according to the company.
Overseas output grows 4.3% to 185.1 million BOE on Guyana and Brazil projects
Domestic net production reached 408.5 million BOE, up 1.9% year-on-year, with projects including Kenli 10-2 contributing most of the increase. Overseas production grew more than twice as fast, driven by projects in Guyana and Brazil, among others. China still accounts for the larger share of volumes.
Nine new projects start production as Bozhong 26-6 expands capacity
Nine new projects commenced production in the first three quarters. Bozhong 26-6 Oilfield continued to expand capacity, which the company said strengthens energy supply in the Beijing-Tianjin-Hebei and Bohai Rim regions.
Panyu 10-4 Oilfield achieved fully automated operations through intelligent systems. It also cut carbon dioxide emissions significantly by using a power generation system that recovers waste heat from produced water.
Five discoveries and 23 appraised structures extend the reserve base
CNOOC Limited made five new discoveries and successfully appraised 23 oil and gas-bearing structures over the period. Bozhong 8-3 South and Huizhou 21-8 continued to expand in reserve scale and are expected to become large and medium-sized oil and gas fields.
Management targets cost cuts and faster exploration in the fourth quarter
Huang Yongzhang, Vice Chairman, CEO and President, said the company maintained its cost competitiveness during the period. For the fourth quarter, he said CNOOC Limited will step up exploration and development and strengthen cost reduction, efficiency enhancement and lean management, to "make a good start to the 15th Five-Year Plan period."