Chinese oil and gas producer CNOOC Ltd achieved an 8.9% increase in hydrocarbons output in the first half of the year, reaching an all-time high in net daily production across its domestic and international assets, the company said on Thursday.

“The company made new records in oil and gas reserves and production volume, and delivered better-than-expected operating results,” said Wang Dongjin, CNOOC Ltd chairman.

Total liquids production in the first half stood at 332 million barrels of oil equivalent – a record level, according to analysts at Bernstein Research.

The production total was split between 231.2 million boe in domestic China assets, which grew by 7% year-on-year, and 100.7 million boe in international fields, a growth of 14%.

The first-half output is 51% of the company's annual guidance of 650-660 million boe, Bernstein added.

The Buzios-5 project, brought online in Brazil’s pre-salt basin earlier this year by Petrobras and part of the large Buzios development where CNOOC Ltd is a partner, contributed tangibly to the increase, the Chinese player said.

Peak production from Buzios-5 contributed more than 200,000 barrels of oil equivalent per day at a gross level, the company said. CNOOC Ltd holds a 7.34% working interest in the Buzios field.

The growth in China volumes mainly came from higher output in oil and gas fields including Kenli 6-1 and Lufeng 15-1.

Oil and gas sales revenue in the first half of the year stood at RMB 151.7 billion ($20.8 billion), with net profit attributable to shareholders at RMB 63.8 billion. The profit in the period was 15% down year on year but in line with consensus, according to Bernstein.

CNOOC Ltd earlier posted an 8.6% increase in production during the first quarter of 2023, to a total 163.9 million boe.

Among the developments of the last six months, CNOOC Ltd listed new discoveries offshore Chinese coasts, including Panyu 10-6 and Kaiping 18-1, and the appraisal of Qinhuangdao 27-3.

Onshore developments in the period included exploration and appraisal of the Shenfu deep coalbed methane field to enhance the potential of resource recovery, and exploration progress at the Stabroek block in Guyana.

CNOOC Ltd's board has approved a dividend payment of HK$0.59 ($0.08) per share for the first half of the year.

Last month, the company launched a major drilling campaign in ultra-deepwater areas of the South China Sea.