CNOOC: Sales Revenue Up 3.7 Percent (China)

CNOOC Sales Revenue up 3.7 Percent

 

CNOOC Limited said it has achieved a total net production of 79.8 million barrels of oil equivalent (BOE)in the first quarter of 2012, representing 6.3% decrease year over year (YoY) mainly due to the suspension of production of Penglai 19-3 oilfield at Bohai which is operated under a production sharing contract.

For the first quarter of 2012, the company made five new discoveries and drilled five successful appraisal wells in offshore China, among which Kenli 2-1 at Bohai was a mid to large sized new oil discovery and large discovery of Penglai 9-1 was successfully appraised.

In addition, Dongfang 13-2 discovery was made in high-temperature and high-pressure natural gas reservoir in Yinggehai. During the period, the Company’s major projects were in progress as planned. In the aspect of overseas development, the Company completed the acquisition of one-third interests in each of Exploration Areas 1, 2 and 3A in Uganda from Tullow Oil plc.

In this quarter, the unaudited oil and gas sales revenue of the Company reached approximately RMB48.84 billion, representing 3.7% increase YoY. During the period, the Company’s average realized oil price increased 19.4% YoY to US$120.79 per barrel while the average realized gas price increased 19.8% YoY to US$5.88 per thousand cubic feet. Within the period, as the Company enhanced exploration and development activities, its capital expenditure increased 58.2% YoY to about RMB9.64 billion.

Mr. 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.”

LNG World News Staff, April 24, 2012; Image: CNOOC

Share this article

Follow LNG World News

One thought on “CNOOC: Sales Revenue Up 3.7 Percent (China)”

Comments are closed.

Events>

<< Feb 2016 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 1 2 3 4 5 6

Floating LNG

SMi’s 4th annual Floating LNG conference will feature an array of keynote addresses…

read more >

East Africa Oil and Gas Summit & Exhibition (EAOGS)

Now in its 4th year EAOGS once again has the official endorsement of the Ministry of Energy & Petroleum Kenya…

read more >

FLNG Safety Design Approach

The concept of FLNG, Floating Unit with topside Natural Gas Liquefaction Plant, has never been implemented so far in the world…

read more >

LNG Pricing, Trading & Risk Management – Singapore 2016

The global LNG market is rapidly growing in size and complexity…

read more >