LogIn LogOut

CNOOC's 1Q Revenue Up 21% on Recovering Oil Prices

April 22, 2021

Buzzard field in the UK North Sea - Credit: Suncor Energy - CC BY-NC-ND 2.0
Buzzard field in the UK North Sea - Credit: Suncor Energy - CC BY-NC-ND 2.0

China's national offshore oil and gas producer CNOOC Ltd reported on Thursday its first-quarter revenue surged 21% on year on recovering oil and gas prices and higher sales.

Revenue was 48.34 billion yuan ($7.45 billion) over the January-March period. Realized oil prices rose 20.5% to $59.07 per barrel, while gas prices were up 5% on year at $6.71 per thousand cubic feet.

Total net production during the period reached 137.7 million barrels of oil equivalent (boe), up 4.7% from the same period last year, with domestic output nearly 9% higher than a year earlier.

Production from overseas oilfields dropped 3.2% over the period, owing to lower output at the Egina project in Nigeria, Eagle Ford in the United States and Buzzard in Britain.

A fire accident at CNOOC's offshore production platform in Bohai Bay in early April left three staff members missing. The firm estimated a loss of up to 600,000 barrels of output, representing 0.1% of annual production scheduled in 2021.

CNOOC aims to raise production to 545-555 million barrels of oil equivalent (boe) this year from 528 million boe in 2020.

Its capital spending in the past three months dropped 5.1% on year to 16.04 billion yuan, it said.

 ($1 = 6.4923 Chinese yuan renminbi)

(Reporting by Muyu Xu in Beijing and Chen Aizhu in Singapore; editing by David Evans)



Current News

Siemens Energy Lowers Sales Expectations for 2021

Siemens Energy Lowers Sales Expectations for 2021

Total to Proceed with LNG Project in PNG

Total to Proceed with LNG Project in PNG

Siemens Gamesa to Deliver Wind Turbines for Full 1,044 MW Hai Long Offshore Wind Projects

Siemens Gamesa to Deliver Wind Turbines for Full 1,044 MW Hai Long Offshore Wind Projects

Shelf Drilling Nets 3-year Drilling Rig Contract in India

Shelf Drilling Nets 3-year Drilling Rig Contract in India

Saudi Aramco Sees 30% Rise in 1Q Profit

Saudi Aramco Sees 30% Rise in 1Q Profit

Covid-19: Aban Offshore Suspends Jack-Up Rig Operation Again

Covid-19: Aban Offshore Suspends Jack-Up Rig Operation Again

Work to Remove Oil from Stricken Tanker off China Almost Complete

Work to Remove Oil from Stricken Tanker off China Almost Complete

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com