CNOOC Limited has announced its operating results for the first quarter of 2026. The Company continued to increase reserves and production, while pursuing effective cost control and efficiency enhancement. Net production of oil and gas and net profit attributable to equity shareholders both grew strongly.
In the first quarter of 2026, CNOOC Limited achieved a net production of 205.1 million barrels of oil equivalent (BOE), representing an increase of 8.6% year-on-year (YoY), reaching a new record high. Net production from China grew by 7.0% YoY to 140.0 million BOE. Overseas net production rose by 12.3% YoY to 65.1 million BOE. The growth was mainly attributable to the production contribution from oil and gas fields including Kenli 10-2 and the Yellowtail Project in Guyana.
During the period, the Company made 4 new discoveries and successfully appraised 12 oil and gas-bearing structures. Among them, the new discovery of Luda 16-1 demonstrated the exploration prospects of Paleogene lithological play in the Liaozhong depression. Enping 20-5 was successfully appraised, showing remarkable results of integrated rolling exploration. In terms of development and production, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield 1/2/3/8/9 Block Secondary Adjustment Project have successfully commenced production, while other new projects progressed smoothly.
Driven by higher realized oil prices and increased oil and gas sales, the Company’s unaudited oil and gas sales revenue for the quarter reached approximately RMB97 billion, representing an increase of 9.9% YoY. Net profit attributable to equity shareholders of the Company was RMB39.14 billion, an increase of 7.1%YoY. The all-in cost was US$28.41 per BOE, maintaining cost competitiveness. During the period, the Company’s capital expenditures amounted to approximately RMB33.02 billion, which was mainly due to the accelerated deployment of exploration and adjustment wells, as well as the ramp-up of production capacity construction.
Mr. Huang Yongzhang, Chief Executive Officer and President of the Company, said, 'In the first quarter, CNOOC Limited made a good start for the year with tangible achievements in reserve and production growth and quality and efficiency enhancement. We will step up efforts in oil and gas exploration and development, coordinate technological breakthroughs, and focus on lean management to ensure the high-quality completion of all tasks.'
Source: CNOOC Ltd
