CNOOC Q1 oil, gas revenues up 13.3%

Updated: 2013-04-27 00:25

( Xinhua)

BEIJING – CNOOC Ltd, the country’s largest offshore oil producer, said Friday its revenues fromoil and gas sales rose 13.3 percent year-on-year due to increased output in the first quarter of2013.

The revenues, which have yet to be audited, reached 55.31 billion yuan ($8.89 billion) in thefirst quarter, the company said in a statement.

The growth was much faster than the annual rise of 2.9 percent in 2012.

Net output of oil and gas jumped 17.3 percent year on year to 93.6 million barrels in the firstquarter, compared with the annual 3.2-percent gain in 2012.

The company, listed in New York and Hong Kong, attributed the higher output to its acquisitionof Canadian energy firm Nexen Inc and production from new oil fields and overseas projects.

CNOOC completed the deal to acquire Nexen in February, paying about $15.1 billion for all ofthe firm’s common and preferred shares in the biggest ever overseas takeover made by aChinese company.

Nexen runs oil sands and shale gas projects in western Canada. It also conducts conventionalexploration and development operations, primarily in the British North Sea, off the shores ofWest Africa and in the Gulf of Mexico.

In the first quarter, CNOOC discovered four new oil fields in Chinese waters, according to thestatement.


About artidj

I started working as a field engineer in Oil & Gas industry back in 1996. I do this news clipping of the industry and the geography I am interested in, mainly for my own information. I'm glad you find it useful.
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