CNOOC Limited reported record nine-month net production and higher oil and gas sales revenue, with output through Sept. 30 equal to 74% to 76% of its 2026 target.
CNOOC’s third-quarter filing put net production at 593.7 million barrels of oil equivalent (BOE) for Jan. 1-Sept. 30, 2.7% above the year-earlier level and a record for that nine-month period. China contributed 408.5 million BOE, a 1.9% gain, while overseas production reached 185.1 million BOE, up 4.3%. CNOOC said projects in Guyana and Brazil accounted for most overseas growth and linked gains in China chiefly to fields including Kenli 10-2.
Production in July-September was 194.9 million BOE, up 0.6% from a year earlier. Four projects began operating during the quarter, including the Bozhong 26-6 Oilfield Development Project (Phase II) and Panyu 10-4 Oilfield Development Project. Across the first three quarters, the company brought nine projects into production and reported five new discoveries and successful appraisal of 23 oil and gas-bearing structures.
Oil and gas sales revenue increased 19.5% to RMB305.354 billion, and net profit attributable to equity shareholders was RMB119.118 billion, a 16.8% rise. CNOOC identified higher oil prices as the chief factor behind the revenue increase. CNOOC’s realized price for crude and liquids averaged US$86.32 per barrel in the first three quarters, up 26.4% year on year.
For the third quarter, revenue was RMB112.914 billion, up 7.6%, and net profit attributable to equity shareholders totaled RMB33.300 billion, 2.7% higher. Capital spending reached RMB89.899 billion in the first three quarters, a 4.5% increase that CNOOC attributed to additional adjustment-well work. The company set a 2026 capital expenditure budget of RMB112 billion to RMB122 billion and a production goal of 780 million to 800 million BOE. The filing says its financial data are unaudited.
CNOOC Vice Chairman, Chief Executive Officer and President Huang Yongzhang said the company’s fourth-quarter agenda includes more exploration and development work, alongside efforts to lower costs and improve efficiency.
