-- China's state-owned energy giant CNOOC reported on Tuesday that its first quarter 2026 net production rose to a record 205.1 million barrels of oil equivalent, up 8.6% from a year earlier.
Domestic production increased 7.0% year-on-year to 140.0 million BOE, while overseas output climbed 12.3% to 65.1 million BOE, driven largely by contributions from projects including Kenli 10-2 and the Yellowtail development in Guyana.
The company said it made four new discoveries during the quarter and successfully appraised 12 oil- and gas-bearing structures. Among them, the Luda 16-1 discovery highlighted the exploration potential of Paleogene lithological plays in the Liaozhong Depression.
CNOOC added that the Enping 20-5 structure was successfully appraised, underscoring the effectiveness of its integrated rolling exploration strategy.
On the development front, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield Block 1/2/3/8/9 Secondary Adjustment Project have commenced production, while other new projects continued to advance steadily.
The company's unaudited oil and gas sales revenue for the first quarter rose to approximately 97 billion Chinese Yuan ($14.22 billion), up 9.9% from a year earlier, driven by higher realized oil prices and increased sales volumes.
The company said its all-in cost stood at $28.41/BOE, underscoring continued cost competitiveness.
Capital expenditures for the period totaled around 33.02 billion Chinese Yuan, primarily reflecting accelerated drilling of exploration and adjustment wells, as well as expanded investment in production capacity construction.