CNOOC Ltd. had total net production of 163.9 MMboe in first-quarter 2023, an increase of 8.6% year-over-year.
Net production from China grew by 5.5% year-over-year to 115.3 MMboe, mainly attributable to production from newly commissioned oil fields in the Bohai Sea and the South China Sea, the company said in a release Apr. 27 (OGJ Online, Mar. 21, 2023). Overseas production rose by 16.6% year-over-year to 48.6 MMboe, mainly driven by increased production from Guyana and Brazil.
During the quarter, CNOOC made two discoveries and appraised six oil and gas structures. Among nine new projects scheduled to begin production this year, five have started installation, the operator said (OGJ Online, Jan. 11, 2023).
Quarterly revenue was RMB 97.7 billion for the quarter, an increase of 7.5% year-over-year. Net profit attributable to equity shareholders was RMB 32.1 billion.
