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CNOOC Aims for 800 Million BOE by 2026 Amid Profit Drop

3/26/2026

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Summary

Story summary

China National Offshore Oil Corporation (CNOOC) targets 780–800 million barrels of oil equivalent (BOE) in 2026, after 777.3 million BOE in 2025.
CNOOC saw net profit fall to 122.1 billion yuan as production rose 7% year over year.
CNOOC cited geopolitical tensions and rising oil prices as reasons for the production boost.
CNOOC aims to boost reserves and efficiency through technological advancements and capital spending of 112–122 billion yuan.

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Story summary

China National Offshore Oil Corporation (CNOOC) targets 780–800 million barrels of oil equivalent (BOE) in 2026, after 777.3 million BOE in 2025.
CNOOC saw net profit fall to 122.1 billion yuan as production rose 7% year over year.
CNOOC cited geopolitical tensions and rising oil prices as reasons for the production boost.
CNOOC aims to boost reserves and efficiency through technological advancements and capital spending of 112–122 billion yuan.