CNOOC's net production and net profit grew strongly in the first quarter

During the period, the company achieved net production of 180.1 million barrels of oil equivalent, a year-on-year increase of 9.9%. Among them, China's net production was 123.2 million barrels of oil equivalent, a year-on-year increase of 6.9%, mainly due to the production contribution from the commissioning of new projects; overseas net production was 56.9 million barrels of oil equivalent, a year-on-year increase of 16.9%, mainly from Guyana and Canada The project's output increases.

The company has made 2 new discoveries and successfully evaluated 4 oil and gas structures. Among them, Bozhong 8-3 South was successfully evaluated in Chinese waters, opening up a new field of offshore ultra-deep oil and gas exploration. Overseas, the newly discovered Bluefin was discovered in the Stabroek block in Guyana, further expanding the reserve scale in the southeastern part of the block. During the period, the secondary adjustment and development project of the Suizhong 36-1/Lvda 5-2 oil field was successfully put into operation, and key new projects such as the second phase of "Deep Sea No. 1" were progressed smoothly and orderly.

In the first quarter, the company’s net profit attributable to the parent company increased by 23.7% year-on-year, and the main cost of barrels of oil decreased by 2.2% year-on-year. The value creation capability continued to improve.

The relevant person in charge of the company said that the company will unswervingly anchor the production and operation goals for the whole year, continue to solidly promote the increase of reserves and production, deepen lean management, and fully promote the high quality of CNOOC Development reaches a new level. ”