CNOOC Ltd, majority-owned by China Nationwide Offshore Oil Corp, has reported CNY 39.14 billion ($5.72 billion) in web revenue for the primary quarter, up 7.1 p.c from the identical three-month interval final 12 months on greater realized oil costs and oil and gasoline gross sales.
Web manufacturing rose 8.6 p.c year-on-year to 205.1 million barrels of oil equal (MMboe), a brand new document excessive, it stated in an internet assertion.
CNOOC Ltd’s output in China elevated 7 p.c year-over-year to 140 MMboe. Abroad web manufacturing grew 12.3 p.c to 65.1 MMboe.
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“The expansion was primarily attributable to the manufacturing contribution from oil and gasoline fields together with Kenli 10-2 [in China’s Bohai Sea] and the Yellowtail Challenge in Guyana”, it stated.
CNOOC Ltd stated it has put into manufacturing two tasks within the January-March 2026 quarter: the Huizhou 25-8 Oilfield Complete Adjustment Challenge and the Penglai 19-3 Oilfield 1/2/3/8/9 Block Secondary Adjustment Challenge.
It stated it had additionally made 4 further discoveries and efficiently appraised 12 oil and gas-bearing buildings throughout the interval.
Final 12 months it produced 777.3 MMboe web, or 2.13 MMboe a day, rising 7 p.c year-on-year and setting a brand new firm document. 2025 crude oil and pure gasoline manufacturing grew 5.8 p.c and 11.6 p.c respectively, as reported by the corporate March 26.
In addition to Yellowtail within the Stabroek block, CNOOC Ltd’s abroad manufacturing start-ups in 2025 consisted of Buzios7 within the Buzios subject and Mero4 within the Mero subject, each offshore Brazil.
At residence in 2025 it introduced 9 startups within the South China Sea: the Dongfang 1-1 Fuel Subject 13-3 Block Improvement Challenge, the Dongfang 29-1 subject, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Improvement Challenge, the Weizhou 5-3 subject, the Weizhou 11-4 Oilfield Adjustment and Satellite tv for pc Fields Improvement Challenge, the Wenchang 9-7 subject, the Wenchang 16-2 subject, section II of the Wenchang 19-1 subject and the Xijiang Oilfields 24 Block Improvement Challenge.
Within the Bohai Sea, CNOOC Ltd introduced 4 startups final 12 months: section I of the Bozhong 26-6 subject, the Caofeidian 6-4 subject adjustment, section I of the Kenli 10-2 Oilfields Improvement Challenge and section II of the Luda 5-2 North subject.
In Q1 2026 oil and gasoline gross sales income elevated 9.9 p.c year-on-year to CNY 97 billion.
“Within the first quarter, CNOOC Restricted made a great begin for the 12 months with tangible achievements in reserve and manufacturing development and high quality and effectivity enhancement”, stated CNOOC Ltd chief govt and president Huang Yongzhang. “We are going to step up efforts in oil and gasoline exploration and growth, coordinate technological breakthroughs, and concentrate on lean administration to make sure the high-quality completion of all duties”.
To contact the writer, e mail jov.onsat@rigzone.com
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