CNOOC Ltd. (CEO) said its first-quarter unaudited oil and gas sales revenue reached approximately RMB48.84 billion, up 3.7% from last year. During the period, the company's average realized oil price grew 19.4% year-over-year to $120.79 per barrel while the average realized gas price increased 19.8% year-over-year to $5.88 per thousand cubic feet.
The company achieved a total net production of 79.8 million barrels of oil equivalent, representing 6.3% decrease year over year, mainly due to the suspension of production of Penglai 19-3 oilfield at Bohai which is operated under a production sharing contract.
Li Fanrong, Chief Executive Officer of the Company commented, "In the first quarter, the Company had made significant progress in exploration area, particularly by obtaining a mid to large sized new oil discovery and successful appraisal of a large oilfield in Bohai. I believe these achievements will strongly support our production growth target of 6-10% CAGR from 2011 to 2015."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.