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 ?xml:namespace>
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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