CNOOC Ltd. launched nine new projects in the first quarter of 2026, and the company's net production reached 593.7 million barrels of oil equivalent (MMboe), representing a 2.7 percent increase compared to last year. This net production is a record for this period.
Production Increase in China and Abroad
Net production from China increased by 1.9 percent to 408.5 million barrels of oil equivalent (MMboe), mainly due to projects like the Kenli 10-2 field. Additionally, net production from abroad rose by 4.3 percent to 185.1 million barrels of oil equivalent (MMboe), attributed to projects located in Guyana and Brazil.
New Discoveries and Field Development
In exploration, CNOOC made five new discoveries and successfully evaluated 23 oil and gas-bearing structures. The Bozhong 8-3 South and Huizhou 21-8 projects continue to scale up their reserves and are expected to become large and medium-sized oil and gas fields.
In the development sector, the Bozhong 26-6 oil field continues to expand its production capacity and supports the needs of the Beijing-Tianjin-Hebei region and the Bohai area. In the Panyu 10-4 project, CNOOC has successfully implemented fully automated operations through smart systems and reduced carbon dioxide emissions with a power generation system that recycles waste heat from produced water.
Investment Costs and Sales Revenue
Investment costs for the nine months reached approximately 89.9 billion RMB, fully in line with the plan. Revenue from oil and gas sales increased by 19.5 percent to 305.35 billion RMB.
CNOOC's CEO, Huang Yongzhang, stated that the company will continue to increase exploration and development in the fourth quarter to achieve its annual goals. However, this report did not mention the names of new projects, nor did it provide information about the reserves of new discoveries.
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