China’s CNOOC Q1 revenues rise 14% on higher production

26 April 2013 10:27  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed CNOOC Ltd announced on Friday that its total revenues in the first quarter increased 14% year on year to yuan (CNY) 56bn ($9bn), largely because of higher production.

Sales of oil and gas in the three months ending March rose 13.3% to CNY55.3bn, the company said in a statement.

The company’s average realized prices fell for oil by 8.7% to $110.29/bbl, and for gas by  1.5% to $5.79/thousand cubic feet.

CNOOC’s oil and gas production in the March quarter grew 17.2% on year to 93.6m barrels of oil equivalent.

Its capital expenditure for exploration, development and production reached approximately CNY14.8bn, representing a 53.5%  year-on-year increase.

CNOOC Ltd is a subsidiary of China National Offshore Oil Corp (CNOOC).

($1 = CNY6.17)

By: Fanny Zhang
+65 6780 4359

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