CNOOC Ltd. (CEO: Quote) 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."
by RTT Staff Writer
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