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CNOOC Ltd. Records Net Production Of 120.1 Mln BoE In Q1

CNOOC Ltd. (CEO, CNU.TO) Thursday said it attained a stable total net production of 120.1 million barrels of oil equivalent or BOE for the first quarter of 2019, compared to the prior year.

The offshore China production was 79.3 million BOE, up 2.3 percent, supported by new projects. Overseas productions were down 4.2 percent to 40.8 million BOE, on investment recovery of Missan project in Iraq and expiration of contract of SES block in Indonesia.

The oil and gas sales revenue declined 1.1 to around RMB 42.05 billion for the first quarter. The average realized gas price increased 6.3 percent to $6.88 per thousand cubic feet.

CNOOC looks ahead to a steady increase of oil and gas reserve and production.

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