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Cnooc Reports Rise in H1 Oil, Gas Output

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Chinese oil and gas major China National Offshore Oil Corporation or Cnooc on Wednesday reported net oil and gas production of 398.7 million barrels of oil equivalent in H1, 3.7% higher than 384.6 million boe in the same period last year.

Domestic production accounted for 275.2 million boe in the six month period ended June 30, up 3.3% from 266.5 million boe in H1 2025. Overseas output for the period was reported at 123.6 million boe, compared to 118.1 million boe last year.

For full-year 2026, the company projects a production target of 780-800 million Boe and a capital expenditure budget of 112-122 billion renminbi ($16.7 billion-$18.2 billion).

Crude and liquids output in the first half of the year stood at 310.3 million barrels, 4.8% up from 296.1 million barrels in H1 last year.

Meanwhile, H1 natural gas output was reported at 517.3 billion cubic feet, compared with 516.2 bcf in the year-ago period.

"The company's net oil and gas production reached a new high, with both domestic and overseas production setting new records," Cnooc said in its earnings statement.

Oil and gas sales reached 206.1 billion renminbi in H1, up 20% from 171.7 billion renminbi during the same period last year.

In H1, Cnooc made four new oil and gas discoveries and appraised 16 oil and gas-bearing structures in China. Overseas, it acquired three new exploration blocks in Brazil and Indonesia, the statement said.

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Commodities

Benford Investment Targets US Oil, Gas Opportunities as LNG Demand Grows

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Commodities

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Commodities

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