CNOOC Starts Up Nine Oil and Gas Projects as Production Hits Record

(Credit: CNOOC)

Chinese offshore oil and gas major CNOOC has brought nine new oil and gas projects into production in the first nine months of 2026, lifting its net output by 2.7% year-on-year to a record 593.7 million barrels of oil equivalent (boe) for the period.

Production from China reached 408.5 million boe, up 1.9% from a year earlier, supported by contributions from projects including Kenli 10-2, while overseas production increased 4.3% to 185.1 million boe, driven partly by projects in Guyana and Brazil.

The company also made five new oil and gas discoveries and successfully appraised 23 oil and gas-bearing structures during the period.

Among the discoveries and appraisal targets, Bozhong 8-3 South and Huizhou 21-8 continued to expand their estimated reserve volumes, with both expected to develop into large or medium-sized oil and gas fields.

On the development front, the Bozhong 26-6 oilfield continued expanding its production capacity, while the Panyu 10-4 oilfield achieved fully automated operations through intelligent systems.

Panyu 10-4 also introduced a power generation system that recovers waste heat from produced water, significantly reducing carbon dioxide emissions.

CNOOC reported unaudited oil and gas sales revenue of $45.8 billion (RMB 305.35 billion) for the first nine months, an increase of 19.5% year-on-year, while net profit attributable to equity shareholders rose 16.8% to $17.9 billion (RMB 119.12 billion).

Capital expenditures totalled approximately $13.5 billion (RMB 89.9 billion) during the period, with spending progressing according to plan.

CNOOC plans to continue exploration and development activities in the fourth quarter as it works towards its annual production and operational targets