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    Cnooc revenues jump 21% in Q1

Summary

The increase in revenue was supported by higher oil prices.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, China

Cnooc revenues jump 21% in Q1

Chinese state-run offshore explorer Cnooc's sales revenues in the three months through March 31 (Q1) were 48.34bn yuan ($7.4bn), up 21% year/year mainly due to higher oil price and increased sales volumes, it said on April 22.

During Q1, the company’s average realised oil price increased by 20.5% yr/yr while the average realised gas price was up 5.3% yr/yr.

Cnooc produces 137.7mn barrels of oil equivalent in total in Q1, representing an increase of 4.7% yr/yr. Production from China increased by 8.7% yr/yr while overseas output decreased by 3.2% yr/yr.

The company made two new discoveries and drilled 18 appraisal wells during the quarter. Offshore China, the Kenli 10-2 and Wenchang 9-7 oil and gas bearing structures were successfully appraised. Kenli 10-2 is expected to become a mid-to-large sized oilfield, which indicates broad exploration prospects for shallow lithology oil and gas reservoirs in Bohai, while Wenchang 9-7 is expected to become a mid-sized oilfield, it said.

Cnooc's capital expenditure decreased by 5.1% yr/yr to approximately 16.04bn yuan.