Cnooc's Q1 Revenue Up on Year
Chinese state Cnooc has reported a 10.8% year on year growth in January-March sales thanks to sharp rise in realised oil and gas prices.
The company said April 20 that its oil and gas sales revenue reached roughly yuan 42.54bn ($6.8bn) for Q1 2018, representing an increase of 10.8% compared with same period last year. During the period, the company's average realised oil price increased 23% year on year to $63.5/b. Average realised gas price was $47/’000 ft3, up 7.8% on year, primarily due to the increased volume from gas fields with higher realised gas price, Cnooc said.
The company achieved total net production of 120.1mn barrels of oil equivalent, or 1.33mn boe/d, representing a rise of 0.8% year on year. Production from offshore China decreased 1.2% on year to 77.5mn boe, mainly due to normal decline of the producing fields. Overseas production increased 4.7% on year to 42.6mn boe, mainly driven by production growth of Missan project in Iraq and an increase of interests held by Bridas, which is part-owned by Cnooc, in Pan American Energy.
During Q1, the company made six new discoveries and drilled fifteen successful appraisal wells. In Eastern South China Sea, new discoveries of Enping 10-2 and Enping 15-2 are expected to be jointly developed with Enping 15-1 to become a mid-sized oilfield. Another two new discoveries, Ranger and Pacora, were made at the Stabroek block in Guyana, which represent the sixth and seventh oil discoveries at the block to date. Among new projects planned to commence production this year, Stampede oil field in the US Gulf and the Weizhou 6-13 oil field in the South China Sea have begun production, Cnooc said.