Higher oil production boosts CNOOC first-quarter revenues

CNOOC Ltd., Hong Kong, Wednesday announced first-quarter revenue of $574 million, a 12.5% jump from the same period a year earlier, based upon higher oil production volumes. In particular, production from Bohai Bay increased because of successful commercialization of discoveries.


By the OGJ Online Staff

HOUSTON, May 16 -- CNOOC Ltd., Hong Kong, Wednesday announced first-quarter revenues of $574 million, a 12.5% jump from the same period a year earlier, based upon higher oil production volumes.

In particular, production from Bohai Bay increased because of successful commercialization of discoveries.

CNOOC Ltd. has interest in 45 crude oil and gas properties in four major producing areas: Bohai Bay, western South China Sea, eastern South China Sea, and East China Sea. CNOOC Ltd. is a subsidiary of China National Offshore Oil Corp. (CNOOC), which holds 70.6% interest.

CNOOC Ltd. is the dominant oil and gas producer off China. As of Dec. 31, its net proved reserves were 1.8 billion boe and its net production totaled 239,337 boe/d.

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