China National Offshore Oil Corporation (CNOOC), the country's largest producer, plans to boost oil and gas output to 780-800 million barrels of oil equivalent (BOE) in 2026, up to 3% from 2025's record. The announcement follows an 11.5% drop in 2025 net profit due to low oil prices despite record volumes.
China National Offshore Oil Corporation (CNOOC) disclosed in a Hong Kong stock exchange filing on Thursday that it targets 780 million to 800 million barrels of oil equivalent (BOE) for 2026. This marks an increase of up to 3% from 2025's record of 777.3 million BOE, which grew 7% from the prior year. Despite the production high, CNOOC reported an 11.5% drop in 2025 net profit to 122.08 billion yuan ($17.7 billion), with revenue falling 5.3% to 398.22 billion yuan, attributed to low oil prices during the year. CNOOC chairman Zhang Chuanjiang stated in the results announcement: “heightened geopolitical risks and successive waves of regional conflicts and uncertainty,” adding that these factors are set to markedly increase oil prices, making it the right time to expand production. “In 2026, we will solidify our development foundation by increasing oil and gas reserves and production,” Zhang said. Oil supply has been constrained this year by the US-Israel war on Iran, pushing prices higher. Brent crude traded at nearly $106 per barrel on Thursday. CNOOC, China's largest offshore oil and gas producer, aims to capitalize on rising prices amid Middle East strife.
