CNOOC’s first-quarter revenue rises by 59.1%

27 April 2011 10:57  [Source: ICIS news]

SHANGHAI (ICIS)--China National Offshore Oil Corp Limited (CNOOC), the listed arm of China’s largest offshore oil producer China National Offshore Oil Corp, said on Wednesday that its revenue in the first quarter of 2011 has risen by 59.1% year on year to yuan (CNY) 48.51bn ($7.45bn) as a result of rising oil and gas production and higher realised prices.

CNOOC’s average realised oil price increased by 32.7% year on year to $99.98/bbl (€67.99/bbl) while the average realised gas price grew by 8.6% to $4.81 per thousand cubic feet, according to a statement to the Hong Kong Stock Exchange.

CNOOC’s capital expenditure in the first quarter reached approximately CNY6.40bn, representing an increase of 10.3% year on year, the company said.

The company achieved a total net production of 85.2m bbl of oil equivalent (boe) for the first quarter of 2011, up by 26.6% year on year, according to the statement.

For the same period, the company made five new discoveries and successfully drilled six appraisal wells offshore China.

CNOOC is the listed firm of state-owned China National Offshore Oil Corp.

($1 = CNY6.51/ $1 = €0.68)

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By: Judith Wang
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