CNOOC more than doubles first-quarter revenue to CNY30.5bn

28 April 2010 11:34  [Source: ICIS news]

SHANGHAI (ICIS news)--China National Offshore Oil Corp (CNOOC) more than doubled its 2010 first-quarter revenue from the previous year to yuan (CNY) 30.49bn ($4.46bn), the country’s leading offshore oil and gas producer said on Wednesday.

Revenue rose from the 2009 first-quarter figure of CNY13.95bn as a result of increased production of oil and gas, a rise in sales volumes and higher realised prices, CNOOC said.

The company’s average realised oil price in the first quarter of 2010 increased 81% year on year to $75.37/bbl, while its average realised gas price was $4.43 per thousand cubic feet, representing an increase of 14% year on year, according to CNOOC’s disclosure to the Hong Kong Stock Exchange.

The company said it achieved a total net production of 67.3m barrels of oil equivalent (BOE) in the first quarter of 2010, representing an increase of 32% from the same period in 2009, which was mainly attributed to output from projects that came on stream in 2008 and 2009, as well as the outperformance of existing oil and gas fields.

CNOOC’s capital expenditure in the first three months of 2010 fell 23% year on year to CNY5.80bn, it said.

“In the first quarter, the company achieved strong production and revenue growth as well as encouraging exploration discoveries. I believe that such solid results will provide strong support for achieving our 2010 target,” said CNOOC chairman and CEO Fu Chengyu.

($1 = CNY6.83/$1 = €0.76)

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