CNOOC Ltd Logs Higher Q1 Profit

CNOOC Ltd, majority-owned by China National Offshore Oil Corp, has reported CNY 39.14 billion ($5.72 billion) in net income for the first quarter, up 7.1 percent from the same three-month period last year on higher realized oil prices and oil and gas sales.

Net production rose 8.6 percent year-on-year to 205.1 million barrels of oil equivalent (MMboe), a new record high, it said in an online statement.

CNOOC Ltd's output in China increased 7 percent year-over-year to 140 MMboe. Overseas net production grew 12.3 percent to 65.1 MMboe.

"The growth was mainly attributable to the production contribution from oil and gas fields including Kenli 10-2 [in China's Bohai Sea] and the Yellowtail Project in Guyana", it said.

CNOOC Ltd said it has put into production two projects in the January-March 2026 quarter: the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield 1/2/3/8/9 Block Secondary Adjustment Project.

It said it had also made 4 additional discoveries and successfully appraised 12 oil and gas-bearing structures during the period.

Last year it produced 777.3 MMboe net, or 2.13 MMboe a day, increasing 7 percent year-on-year and setting a new company record. 2025 crude oil and natural gas production grew 5.8 percent and 11.6 percent respectively, as reported by the company March 26.

Besides Yellowtail in the Stabroek block, CNOOC Ltd's overseas production start-ups in 2025 consisted of Buzios7 in the Buzios field and Mero4 in the Mero field, both offshore Brazil.

At home in 2025 it announced nine startups in the South China Sea: the Dongfang 1-1 Gas Field 13-3 Block Development Project, the Dongfang 29-1 field, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Development Project, the Weizhou 5-3 field, the Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project, the Wenchang 9-7 field, the Wenchang 16-2 field, phase II of the Wenchang 19-1 field and the Xijiang Oilfields 24 Block Development Project.

In the Bohai Sea, CNOOC Ltd announced four startups last year: phase I of the Bozhong 26-6 field, the Caofeidian 6-4 field adjustment, phase I of the Kenli 10-2 Oilfields Development Project and phase II of the Luda 5-2 North field.

In Q1 2026 oil and gas sales revenue increased 9.9 percent year-on-year to CNY 97 billion.

"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", said CNOOC Ltd chief executive and president Huang Yongzhang. "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".

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