CNOOC Ltd. says Q1 revenues up 60 pct on rising output and prices

09:28, April 28, 2011      

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China National Offshore Oil Company Limited (CNOOC Ltd.), the nation's largest offshore oil and gas producer, announced Wednesday that its sales revenues jumped by almost 60 percent in the first three months of 2011, driven by soaring output and prices.

The company's unaudited revenues totaled 48.51 billion yuan (7.46 billion U.S. dollars), an increase of 59.1 percent year-on-year, the company said in its quarterly online report.

The company's oil and gas output totaled 85.2 million barrels of oil equivalent, up 26.6 percent from a year ago.

Global commodity prices have been climbing steadily since last year in light of spreading inflation and social unrest in some oil-producing countries.

These factors pushed up the average prices of CNOOC's oil products by 32.7 percent to 99.98 U.S. dollars per barrel. Gas prices increased 8.6 percent to 4.81 U.S. dollars per cubic foot.

The Hong Kong-listed company said it spent 6.4 billion yuan in the first quarter, up 10.3 percent.

As one of China's most aggressive oil companies in overseas acquisitions, CNOOC completed its 33.3 percent undivided interest purchase of oil and natural gas leases in North America this year.

It also entered into sale and purchase agreements with U.K.-based Tullow Oil for the acquisition of Tullow's one-third interest in three exploratory areas in Uganda.

"Our overseas expansion has achieved remarkable progress, which will provide staunch support for the company's future growth," said Yang Hua, CNOOC's Chief Executive Officer (CEO).

Source: Xinhua
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