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CNOOC says Q1 output up, revenue falls

(Xinhua)
Updated: 2009-04-29 18:38

China National Offshore Oil Company Limited (CNOOC Ltd) announced Wednesday its daily net production of oil and gas rose 15 percent year on year to 566,860 barrels of oil equivalent in the first quarter.

But the company's total unaudited revenue dropped 41.9 percent to 13.96 billion yuan ($2.1 billion) on lower crude prices in the first three months this year, it said.

Faced with the global financial crisis and lower oil prices, the company would maintain a prudent financial strategy, said Fu Chengyu, CNOOC Ltd president.

According to a statement on the company website, total production of crude oil and liquids amounted to 468,535 barrels per day in the first three months, representing an increase of 19.7 percent year on year. Its daily gas output reached 563 million cubic feet per day.

The company's overseas oil and gas output increased 30.9 percent year on year to 31,481 barrels per day in the first three months, with production from Northwest Shelf Project in Australia and OML 130 oilfield in Nigeria as the main contributors.

The company's revenue fell in the first quarter against the rise in oil and gas output, as world crude prices remained low, under $50 per barrel for the most time since January.

The average oil price of the company stood at $41.56 per barrel in the first quarter, tumbling 53.2 percent from a year earlier, according to the oil refiner.

At the same time, the capital expenditure of CNOOC Ltd added 23.1 percent to reach 7.51 billion yuan in the first quarter with more investment in new projects.

Spending for oilfield development totaled 5.62 billion yuan, up 37.9 percent compared with the same period in 2008.

CNOOC Ltd discovered seven potential oil and gas fields offshore China in the first quarter and completed assessment on five hydrocarbon bearing structures with its partners.

Incorporated in Hong Kong, CNOOC Ltd is a listed subsidiary of China National Offshore Oil Corporation, China's largest offshore oil producer.