CNOOC posts 62% rise in Q1 revenues

29 April 2008 08:51  [Source: ICIS news]

SINGAPORE (ICIS news)--China National Offshore Oil Corp (CNOOC) has posted a 61.8% year-on-year rise in its first-quarter revenues to yuan (CNY)24bn ($3.43bn) on high earnings from its natural gas and crude oil units, the firm said late on Monday.

Revenues from its crude oil and liquids businesses rose 64.4% to CNY22.4bn with facilities in the western South China Sea region outperforming other regions with a 31.7% year-on-year rise in production to 43,715 barrels/day, it added in a statement.

CNOOC’s natural gas segment also saw revenues rise 19.4% to CNY1.40bn as production increased 9.3% to 601m cubic feet/day, it said.

Overall, despite the negative impact of inflation and surging costs, the group’s full-year net income rose marginally to CNY31.3bn in 2007, from CNY30.9bn in 2007.

Moving forward, CNOOC expected 10 new development projects to come on-stream in 2008. It also had plans to add reserves through further exploration and acquisitions.

($1 = CNY7)

By: Serene Cheong
+65 6780 4359

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