CNOOC Ltd said the first three quarters of 2026 delivered the company’s highest-ever net production for the January-September period at 593.7 million barrels of oil equivalent (MMboe), up 2.7 percent from the same period last year.
Domestic production accounted for 408.5 MMboe, up 1.9 percent year-on-year, CNOOC Ltd, majority owned by China National Offshore Oil Corp, said in a press release.
“Overseas net production reached 185.1 MMboe, an increase of 4.3 percent year-on-year, which was mainly attributable to the production contribution from projects in Guyana and Brazil, among others”, CNOOC Ltd said.
In Brazil, the Búzios field in the Santos Basin saw two more platforms begin production this year. CNOOC Ltd owns 7.34 percent in the field, operated by state-controlled Petróleo Brasileiro SA (Petrobras).
The P-78 floating production, storage and offloading vessel (FPSO), serving the Buzios6 development, began operations in January. Buzios6 is designed to produce up to 180,000 barrels of oil per day and 7.2 million cubic meters (about 254.3 million cubic feet) of gas per day, according to Petrobras. Buzios7 is the sixth development in the field to enter production, in the first quarter of 2024.
Last May Petrobras announced the start-up of the P-79 FPSO. With the same oil and gas production capacity as P-78, the newest platform will increase the field’s installed production capacity to about 1.33 million barrels of oil per day, according to Petrobras.
CNOOC said a total of nine projects began production in the first nine months of 2026. “Bozhong 26-6 Oilfield continued to expand production capacity, effectively bolstering energy supply capacity in the Beijing-Tianjin-Hebei and Bohai Rim regions”, CNOOC Ltd said.
“Panyu 10-4 Oilfield achieved fully automated operations through intelligent systems and significantly reduced carbon dioxide emissions by applying a power generation system that recovers waste heat from produced water”.
The company made five new discoveries and successfully appraised 23 oil and gas-bearing structures during the period. “Among them, Bozhong 8-3 South and Huizhou 21-8 continued to expand their reserve scale and are expected to become large and medium-sized oil and gas fields”, CNOOC Ltd said.
It registered a 19.5 percent increase to CNY 305.35 billion (around $45.78 billion) in revenue for the first three quarters compared to the corresponding period in 2025. Net profit rose 16.8 percent to CNY 119.2 billion. Capital expenditure totaled CNY 89.9 billion.
“In the first three quarters, CNOOC Ltd continued to pursue reserves and production growth and quality and efficiency enhancement, achieved steady growth in oil and gas production, and maintained its cost competitiveness”, said CNOOC Ltd chief executive Huang Yongzhang.
Source: rigzone.com