China’s offshore oil major CNOOC is targeting higher reserves and production in 2026, with Guyana expected to support that expansion as the company continues investing across its global upstream portfolio.
The company said it aims to produce “780 million to 800 million barrels of oil equivalent (MMboe) in 2026”, supported by planned capital expenditure of about US$15.5 billion to US$16.9 billion. The focus will remain on reserve replacement, production growth, and technology deployment across its assets, including operations offshore Guyana.
The update came as CNOOC reported strong performance in 2025, with exploration and appraisal work in Guyana contributing to growth in its resource base.
“In Guyana, CNOOC Limited confirmed progress within the Stabroek Block. The Lukanani and Ranger oilfields were successfully appraised. At the same time, broader development continues alongside major projects such as Yellowtail, where the largest FPSO [floating production storage and offloading vessel] in the block has been deployed,” the company said in its 2025 report.
The company further indicated that four projects have commenced production, and eight projects will be in operation by 2030 in the Stabroek Block.
In recent years, developments offshore Guyana have boosted CNOOC’s international production. The company previously said output growth was supported by the Payara project, the third oil development in the Stabroek Block, which began production in November 2023.
The company’s 2026 ambitions follow a “record year” in 2025. CNOOC reported net production of about 2.13 million barrels of oil equivalent per day (boe/d). Crude oil production increased 5.8%, while natural gas output climbed 11.6%.
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CNOOC said it also deployed digital and intelligent field technologies, including enhanced water injection and AI-driven optimization, to improve efficiency and reduce natural decline rates.
Financially, the company reported a net profit of US$16.96 billion, while all-in costs fell 2.2% year-on-year to US$27.90 per barrel of oil equivalent. CNOOC’s Guyana subsidiary – CNOOC Petroleum Guyana Limited – holds a 25% working interest in the offshore Stabroek Block, alongside ExxonMobil (the operator) and Hess. The block is producing over 900,000 barrels per day and remains one of the company’s most important overseas assets.
