#China #Hong Kong #CNOOC Limited #oil production

CNOOC Limited Sees Record Growth in Q1 2026

CNOOC Limited, a leading operator in the oil and gas sector, shared promising operating results for the first quarter of 2026, highlighting substantial advancements in both resource production and financial performance. The company has pledged to maintain balance between producing energy and improving operational efficiency, leading to the announcement of record high production figures.

In this latest report, CNOOC declared an impressive net production of 205.1 million barrels of oil equivalent (BOE), which marks an 8.6% increase compared to the previous year. This milestone is indicative of the company's consistent growth trajectory, driven by enhanced contributions from both domestic and international fields and operations.

Notably, domestic production within China rose by 7.0% year-on-year (YoY), reaching 140.0 million BOE, while international production surged by 12.3% YoY, totaling 65.1 million BOE. Key developments such as the production gains from the Kenli 10-2 oil field and the Yellowtail Project in Guyana have been crucial in achieving these stellar results.

Moreover, CNOOC has made significant advancements in exploration, with 4 new discoveries and the successful appraisal of 12 oil and gas-bearing structures during this quarter. One notable discovery, Luda 16-1, has indicated promising exploration potential in the Paleogene lithological play within the Liaozhong depression, further illustrating the company’s commitment to expanding its resource base.

The company also showcased its ability to adapt and innovate in development and production processes, with the successful commencement of production at the Huizhou 25-8 Oilfield Comprehensive Adjustment Project followed by the Penglai 19-3 Oilfield reconfiguration projects.

Financially, CNOOC reported a robust revenue from oil and gas sales, amounting to approximately RMB 97 billion, reflecting a 9.9% increase from the previous year. Additionally, the company's net profit attributable to equity shareholders rose to RMB 39.14 billion, marking a 7.1% YoY growth.

In terms of operational efficiency, CNOOC has managed to maintain its competitive edge with an all-in cost of US$28.41 per BOE. This affordability has been a significant advantage in an industry that faces constant price volatility and fluctuating market conditions. Furthermore, the company’s capital expenditures for the quarter totaled RMB 33.02 billion, primarily driven by intensified activities in exploration and operational improvements.

Mr. Huang Yongzhang, the CEO and President of CNOOC Limited, emphasized the company’s determination to enhance production scales while ensuring quality and efficiency. He stated, “CNOOC Limited has made a promising start this year with tangible achievements in reserves and production growth.”

Looking ahead, CNOOC is committed to pursuing new oil and gas explorations, embracing technological advancements, and implementing smooth management strategies to guarantee the successful execution of its strategic objectives.

As the year progresses, stakeholders remain optimistic about CNOOC’s ability to maintain this momentum, navigate the complexities of the oil and gas landscape, and deliver sustained value to its shareholders and the broader market users alike.

Overall, CNOOC Limited’s Q1 2026 results illustrate its resilience and capacity to thrive amidst challenges while contributing effectively to the global energy landscape.