CNOOC sees record output in first quarter

China National Offshore Oil Corporation (CNOOC) achieved a net output of 205.1 million barrels of oil equivalent in the first quarter of 2026, a year-on-year increase of 8.6 percent, hitting a new historical high.

Among them, the net output in China reached 140 million barrels of oil equivalent, up 7.0 percent year-on-year, while the overseas net output was 65.1 million barrels of oil equivalent, rising 12.3 percent year-on-year, it said.

Driven by the increase in oil prices and oil and gas sales volume, the company's unaudited oil and gas sales revenue in the quarter was about 97 billion yuan, a year-on-year increase of 9.9 percent. Net profit attributable to the shareholders of the parent company was 39.14 billion yuan, a year-on-year increase of 7.1 percent.

In the first quarter, CNOOC Limited had a good start to the year with tangible achievements in reserve and production growth and quality and efficiency enhancement, Huang Yongzhang, Chief Executive Officer of the company, said.

"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."

zhengxin@chinadaily.com.cn