CNOOC Limited produced a record 398.7 MMboe in the first half of 2026, up 3.7% year over year, as new offshore projects and exploration gains supported production growth in China and overseas.
CNOOC made four new discoveries and successfully appraised 16 oil- and gas-bearing structures during the first half. In Bohai Bay, the company discovered Luda 16-1 and Qinhuangdao 30-3 and successfully appraised Kenli 10-6.
In the South China Sea, CNOOC made the Enping 11-1 discovery, which the company said could be fast-tracked using existing infrastructure. The successful appraisal of Wenchang 19-3 also marked an exploration breakthrough in volcanic buried-hill plays in the Pearl River Mouth basin.
Five new projects were brought online during the first half, including the Penglai 19-3 Oilfield 1/2/3/8/9 Area Secondary Adjustment Project, Weizhou 10-3 Oilfield West Area Development Project, Huizhou 25-8 Oilfield Comprehensive Adjustment Project and Buzios 8 in Brazil.
CNOOC said reservoir management, adjustment wells and workover operations also helped control natural decline rates at producing offshore fields and add incremental production. Daily drilling efficiency reached a record high during the period, while advances in extended-reach drilling expanded accessible offshore reserves.
The company’s all-in production cost was $29.70/boe. Oil and gas sales revenue rose 20% year over year to RMB 206.1 billion, while net profit attributable to shareholders increased 23.4% to a record RMB 85.8 billion for the first-half period.
“In the second half of the year, we will spare no effort to increase reserves and production [and] intensify research on core technologies,” CNOOC Chairman Zhang Chuanjiang said.
source: WorldOil