China CNOOC’s Q1 revenue jumps 21% on oil price recovery

  • Date: 22-Apr-2021
  • Source: Zawya
  • Sector:Economy
  • Country:Gulf
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China CNOOC’s Q1 revenue jumps 21% on oil price recovery

BEIJING- 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. Realised 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