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CNOOC Q1 Oil And Gas Sales Revenue Down On Weak Price; Cuts FY20 Production View

CNOOC Limited (CEO, CNU.TO) reported Wednesday that its first-quarter oil and gas sales revenue reached around 39.95 billion Chinese yuan, down 5.5 percent from last year, mainly due to the lower realised oil and gas price, despite increased oil and gas sales volume.

First-quarter total net production was 131.5 million barrels of oil equivalent or BOE, an increase of 9.5 percent from the prior year.

Production from China increased 9.7 percent from last year to 87.1 million BOE. Overseas production grew 9 percent to 44.5 million BOE.

During the period, the company made two new discoveries and drilled 21 successful appraisal wells.

For the first quarter of 2020, the company's average realised oil price decreased 19.3 percent year-over-year to $49.03 per barrel, which was in line with the trend of international oil prices.

The average realised gas price was $6.38 per thousand cubic feet, down 7.3 percent from last year, primarily due to the declined gas price in North America.

Looking ahead, the company reduced fiscal 2020 net production target to 505-515 million BOE from 520-530 million BOE expected earlier.

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