{
  "id": 3583533,
  "title": "CNOOC Posts Record Profit as China Pumps More Oil at Home",
  "url": "https://urgent.news/2026/08/26/cnooc-posts-record-profit-as-china-pumps-more-oil-at-home",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-26T19:45:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/CNOOC-Posts-Record-Profit-as-China-Pumps-More-Oil-at-Home.html"
  },
  "original_language": "en",
  "account": "China's push to increase oil and gas production domestically has yielded significant results, as evidenced by CNOOC's record-breaking first-half profit and output. The company reported a 23.4% jump in net profit attributable to shareholders, reaching 85.8 billion yuan, or approximately $12.9 billion. This success can be attributed to higher oil prices following the Iran war and the continued expansion of CNOOC's offshore fields. Oil and gas sales revenue surged by 20% to 206.1 billion yuan, with the average oil price rising by 23.6% to $85.49 per barrel. Natural gas prices only increased by 1.3%. In addition to higher prices, CNOOC's production also saw a 3.7% increase, reaching a record 398.7 million barrels of oil equivalent, with 275.2 million boe produced within China's borders. Crude oil and liquids output grew by 4.8% to 310.3 million barrels. Beijing's efforts to bolster domestic production and decrease reliance on imported energy have gained momentum since the Iran war disrupted the Strait of Hormuz, a critical oil-supply route. CNOOC's Kenli 10-2 development in the Bohai Sea, which began full production in May, is already generating over 20,500 barrels per day. The company made four discoveries and appraised 16 oil- and gas-bearing structures during the first half. CNOOC also expanded its exploratory efforts to Brazil and Indonesia, securing its first position in Brazil's Santos Basin pre-salt. Despite rising costs, CNOOC's all-in cost is $29.70 per boe, providing ample room for profit given the current realized oil prices above $85. CNOOC has reaffirmed its 2026 production target of 780 million to 800 million boe and its capital spending guidance of 112 billion to 122 billion yuan, ensuring continued growth and shareholder returns.",
  "summary": "China’s push to squeeze more oil and gas from home is paying off just as imported energy becomes more geopolitically complicated. CNOOC posted record first-half profit and production on Wednesday, helped by higher oil prices following the Iran war and continued growth from its offshore fields. Net profit attributable to shareholders jumped 23.4% from a year earlier to 85.8 billion yuan, or about…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}