CNOOC Limited reported first-quarter 2026 results, with higher production, revenue, and profit, supported in part by output from its offshore Guyana portfolio.
The company recorded net production of 205.1 million barrels of oil equivalent (BOE) for the quarter, an 8.6% increase year-on-year and its highest quarterly level to date. Output from China rose 7% to 140 million BOE, while overseas production increased 12.3% to 65.1 million BOE.
CNOOC said the increase was driven by contributions from several producing assets, including the Yellowtail development offshore Guyana in the Stabroek Block, where it holds a 25% interest.
The company also reported four new discoveries and the successful appraisal of 12 oil and gas-bearing structures during the period. Among them, Luda 16-1 confirmed exploration potential in the Liaozhong depression, while Enping 20-5 delivered results from integrated exploration efforts.
On the development side, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield secondary adjustment projects commenced production, with other projects progressing as planned.
Unaudited oil and gas sales revenue reached approximately RMB97 billion, up 9.9% year-on-year. Net profit attributable to equity shareholders stood at RMB39.14 billion, representing a 7.1% increase.
CNOOC reported an all-in cost of US$28.41 per BOE for the quarter. Capital expenditure totaled approximately RMB33.02 billion, linked to exploration activity, well deployment, and production capacity expansion.
Guyana to aid expansion of CNOOC’s 2026 reserves as company eyes US$16.9B capital spend | OilNOW
Chief Executive Officer and President Huang Yongzhang 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.”
He added, “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.”
