CNOOC Forecasts Higher Oil Production in 2026 Despite Geopolitical Risks

MT Newswires Live

03/27

CNOOC (HKG:0883, SHA:600938) is looking to produce 780 million to 800 million barrels of oil equivalent in 2026, according to a Thursday night filing with the Hong Kong bourse.

The production guidance is up to 3% higher than the 777.3 million barrels of oil equivalent in 2025, the South China Morning Post reported separately the same day.

CNOOC's outlook comes amid "heightened geopolitical risks and successive waves of regional conflicts," it said in its earnings report.

Oil and gas capital expenditure is seen to reach between 112 billion yuan and 122 billion yuan.

Shares fell 1% in Shanghai and Hong Kong during morning trading on Friday.

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