CNOOC H1 2026 net profit rises 23.4% to $12.76bn

China National Offshore Oil Corporation (CNOOC) has reported a net profit attributable to equity shareholders of 85.8bn yuan ($12.76bn) for the first half of 2026 (H1 2026), marking an increase of 23.4% compared with 69.5bn yuan ($10.33bn) in the same period last year.

The China National Offshore Oil Corporation (CNOOC) has reported net profit attributable to equity shareholders of 85.8bn yuan for the first half of 2026 (H1 2026), an increase of 23.4% compared to 69.5bn yuan in the same period last year. Oil and gas sales revenue reached 206.1bn yuan, rising by 20% from 171.7bn yuan a year earlier. Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms. Find out more Net production for the period was 398.7 million barrels of oil equivalent (mboe), an increase of 3.7% from 384.6mboe in the prior-year period.

Crude and liquids production stood at 310.3 million barrels, up 4.8% year on year, while natural gas production was 517.3 billion cubic feet, a 0.2% increase. The realised oil price rose by 23.6% to $85.49 per barrel, while the realised gas price increased by 1.3% to $8 per thousand cubic feet. Total assets reached 1.2tn yuan at the end of the period, rising by 103.9bn yuan from the start of the year.

The asset-liability ratio was 28.6% and the gearing ratio decreased to 7.3%. Equity stood at 858.6bn yuan, an increase of 53.4bn yuan from the beginning of the year. CNOOC chairman Zhang Chuanjiang said: “In the first half of the year, CNOOC 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. “We will strive to fulfill the annual production and business operation targets and reward our shareholders with solid operating performance.” During H1, CNOOC made four new discoveries and appraised 16 oil and gas structures.

Domestically, the company reported discoveries at Luda 16-1, Qinhuangdao 30-3, Kenli 10-6 and Enping 11-1. Wenchang 19-3 was successfully appraised. Outside China, the company entered three new exploration blocks in Brazil and Indonesia and, for the first time as operator, acquired a block in the pre-salt Santos Basin in Brazil.

Five new projects began production during the period, 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 Buzios8 project in Brazil. The company stated it has continued refining reservoir management and optimising production to control natural decline rates and increase recovery factors at producing oilfields. CNOOC also highlighted technological developments, reporting record daily drilling efficiency and the expansion of digital and intelligent initiatives such as the deployment of the Haineng-Zhiqing digital platform and increased unmanned operation of offshore platforms. The company said that ‘green’ and low-carbon initiatives progressed, including the connection of China’s first tension-leg floating wind power platform, Haiyou Anlan, to the grid, further use of green electricity, and advances in integrated oil, gas and new energy projects.

Offshore carbon capture, utilisation and storage projects were also advanced. CNOOC said it would continue to focus on increasing reserves and production, and advancing the development of oil, gas and new energy, while maintaining cost controls and profitability.

Источник: https://www.offshore-technology.com/news/cnooc-h1-2026-net-profit-12-76bn/