Chinese oil and gas major CNOOC Ltd. has reported record financial and operational results for the first half of 2026, driven by rising net production, disciplined cost management, and expanded offshore exploration.
Net profit attributable to shareholders jumped 23.4 per cent year-on-year to 85.8 billion yuan (AU$ 17.8 billion), while oil and gas sales revenue climbed 20 per cent to 206.1 billion yuan. The state-backed company maintained a competitive all-in cost of US$ 29.70 per barrel of oil equivalent (BOE).
Net production reached an interim high of 398.7 million BOE, representing a 3.7 per cent increase compared to the same period last year.
Growth was supported by five new project startups, including the Buzios 8 project in Brazil, alongside effective reservoir management to control natural decline rates across existing offshore fields.
Zhang Chuanjiang, Chairman of the company, said: “In the first half of the year, CNOOC Limited proactively coordinated production and operations and achieved satisfactory results.
“In the second half of the year, we will spare no effort to increase reserves and production, intensify research on core technologies, steadily advance new energy business, and further tap the potential for quality and efficiency improvement.”
The company achieved four new exploration discoveries and appraised 16 oil and gas structures. Key domestic breakthroughs included discoveries in Bohai Bay and the South China Sea, while CNOOC expanded its international footprint by acquiring three exploration blocks in Brazil and Indonesia, notably taking on its first operatorship in Brazil’s pre-salt Santos Basin.
CNOOC also accelerated its green transition initiatives. The company commissioned China’s first tension-leg floating wind power platform, ‘Haiyou Anlan’, which is projected to supply 54 million kilowatt-hours of green electricity annually to offshore oilfields.
It also fully commissioned China’s inaugural offshore carbon capture, utilisation, and storage (CCUS) project.
In light of the strong performance, the board declared an interim dividend of 94 Hong Kong cents per share, totalling approximately 38.8 billion yuan.
CNOOC reaffirmed its full-year 2026 production target of 780 to 800 million BOE, backed by a capital expenditure budget of 112 yuan to 122 billion yuan.
