CNOOC (China) revenues fall 11pc on oil prices
CNOOC Ltd, China's largest offshore oil producer, posted a 10.9 percent drop in first-quarter revenues - despite higher output - because of falling oil prices.
For the three months ended March 31, revenues fell to 14.85 billion yuan (HK$15.04 billion) from 16.66 billion yuan the previous year. Net profit figures were not released.
CNOOC's first-quarter total output of oil and gas was 473,280 barrels of oil equivalent a day, up 5.1 percent year on year.
The Beijing-based oil producer attributed the growth to the 41 percent increase in natural gas to 550 million cubic feet, mainly driven by production from Australia's North West Shelf project and Southeast Sumatra gas project in Indonesia, chief financial officer Yang Hua said Thursday.
The company produced 378,734 barrels of crude oil and liquids per day, down 1.2 percent year on year.
Of this amount, the output from offshore China declined by 3 percent to 353,416 barrels, while the output from overseas jumped 32.4 percent to 25,318 barrels.
Yang said he is positive on the outlook as more reserves are explored.
CNOOC, part of a mainland oil conglomerate that also includes PetroChina (0857) and Sinopec (0386), aims to produce 162 million to 170 million BOE in 2007 and 190 million BOE in 2008.
In the first three months, it produced 550 million cubic feet of natural gas per day, up from 390 million cubic feet the previous year.
Average selling price of its crude oil fell to US$52.45 (HK$409.11) a barrel from US$58.13 a barrel, due to lower international oil prices in the period. Meanwhile, gas prices climbed 2.9 percent to US$3.19 per thousand cubic feet, compared to US$3.10 last year.
CNOOC spent 6.33 billion yuan as capital investment in the first quarter, 70.3 percent more than last year, mainly for the exploration of its Akpo field in Nigeria.
Its 45 percent-owned Akpo field is expected to begin production as scheduled by the end of 2008, Yang said, adding that the deep-water field will have an output of 175,000 BOE a day when it reaches its peak.
He said more oil reserves may be found in the Bohai Bay area, but this can only be confirmed after more exploratory work is done.
CNOOC's blue-chip stock closed Thursday at HK$6.81, up 0.74 percent.
For the three months ended March 31, revenues fell to 14.85 billion yuan (HK$15.04 billion) from 16.66 billion yuan the previous year. Net profit figures were not released.
CNOOC's first-quarter total output of oil and gas was 473,280 barrels of oil equivalent a day, up 5.1 percent year on year.
The Beijing-based oil producer attributed the growth to the 41 percent increase in natural gas to 550 million cubic feet, mainly driven by production from Australia's North West Shelf project and Southeast Sumatra gas project in Indonesia, chief financial officer Yang Hua said Thursday.
The company produced 378,734 barrels of crude oil and liquids per day, down 1.2 percent year on year.
Of this amount, the output from offshore China declined by 3 percent to 353,416 barrels, while the output from overseas jumped 32.4 percent to 25,318 barrels.
Yang said he is positive on the outlook as more reserves are explored.
CNOOC, part of a mainland oil conglomerate that also includes PetroChina (0857) and Sinopec (0386), aims to produce 162 million to 170 million BOE in 2007 and 190 million BOE in 2008.
In the first three months, it produced 550 million cubic feet of natural gas per day, up from 390 million cubic feet the previous year.
Average selling price of its crude oil fell to US$52.45 (HK$409.11) a barrel from US$58.13 a barrel, due to lower international oil prices in the period. Meanwhile, gas prices climbed 2.9 percent to US$3.19 per thousand cubic feet, compared to US$3.10 last year.
CNOOC spent 6.33 billion yuan as capital investment in the first quarter, 70.3 percent more than last year, mainly for the exploration of its Akpo field in Nigeria.
Its 45 percent-owned Akpo field is expected to begin production as scheduled by the end of 2008, Yang said, adding that the deep-water field will have an output of 175,000 BOE a day when it reaches its peak.
He said more oil reserves may be found in the Bohai Bay area, but this can only be confirmed after more exploratory work is done.
CNOOC's blue-chip stock closed Thursday at HK$6.81, up 0.74 percent.
