HONG KONG, April 28, 2026 /PRNewswire/ — CNOOC Limited (“the Company”, SEHK: 00883 (HKD meter) and 80883 (RMB meter), SSE: 600938) today announced its operating results for the first quarter of 2026. The Company continued to increase its reserves and production, while pursuing effective cost control and efficiency improvement. Net oil and gas production and net profit attributable to shareholders increased significantly.
In the first quarter of 2026, CNOOC Limited achieved net production of 205.1 million barrels of oil equivalent (BOE), an increase of 8.6% year-on-year (year-on-year), reaching a new record. China’s net production increased by 7.0% year-on-year to 140.0 million BOE. Net production abroad increased by 12.3% year-on-year to 65.1 million BOE. The growth is mainly attributable to 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 evaluated 12 oil and gas structures. Among them, the new discovery of Luda 16-1 demonstrated the exploration prospects of the Paleogene lithological play in the Liaozhong Depression. Enping 20-5 has been successfully evaluated, showing remarkable results of integrated continuous exploration. In terms of development and production, the Huizhou 25-8 oilfield comprehensive adjustment project and the Penglai 19-3 oilfield secondary adjustment project block 1/2/3/8/9 have successfully started production, while other new projects have progressed smoothly.
Due to the rise in realized oil prices and increased oil and gas sales, the Company’s unaudited oil and gas sales revenue for the quarter reached approximately RMB 97 billion, an increase of 9.9% year-on-year. Net profit attributable to shareholders of the Company was RMB 39.14 billion, an increase of 7.1% year-on-year. The all-inclusive cost was US$28.41 per BOE, thus maintaining cost competitiveness. During the period, the Company’s capital expenditures amounted to approximately RMB 33.02 billion, mainly due to the accelerated deployment of exploration and adjustment wells, as well as the acceleration of production capacity construction.
Mr. Huang Yongzhang, Chief Executive Officer and President of the Company, said: “In the first quarter, CNOOC Limited had a good start to the year with tangible achievements in reserves and production growth as well as quality and efficiency improvements.
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Notes to editors:
Further information about the Company is available at https://www.cnoocltd.com.
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This press release contains forward-looking information, including statements regarding probable future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words “expect,” “anticipate,” “continue,” “estimate,” “goal,” “ongoing,” “may,” “will,” “project,” “should,” “believe,” “plan,” “intend” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes made by the Company as of this date in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate in the circumstances. However, it is uncertain whether actual results and developments will meet the Company’s current expectations and forecasts. Actual results, performance and financial condition may differ materially from the Company’s expectations, due to important factors, including those associated with macropolitical and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and gas industry, climate change and environmental policies, the Company’s pricing forecasts, mergers, acquisitions and divestiture activities, health, safety, security and environment (HSSE) and policies. insurance and changes in the fight against corruption, fraud, anti-money laundering laws and corporate governance.
Accordingly, all forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot guarantee that any anticipated results or developments will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or its operations.
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For any additional requests, please contact:
Liu Cui
Media and public relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Cheng Yao
Ever Bloom (HK) Communications Consultants Group Limited
Tel: +852 5540 0725
Fax: +852 2111 1103
E-mail: cnooc.hk.list@everbloom.com.cn
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SOURCE CNOOC Limited
