China National Offshore Oil Corporation (CNOOC) reported that unaudited revenue surged 61.8% to RMB24.03 billion for the quarter.
For the first quarter of 2008, the company produced 392,722 barrels of crude oil and liquids per day, representing an increase of 3.7% when compared to the same period of 2007. The company’s net gas production reached 601 million cubic feet per day, an increase of 9.3% from the same period of 2007.
The company’s realized oil price rose 69.2% to $88.76 per barrel, generally in line with surging international oil price in the quarter. The company’s average realized gas price were $3.65 per thousand cubic feet with an increase of 14.3%.
Fu Chengyu, chairman and CEO of CNOOC, said: CNOOC’s first quarter is characterized by steady production growth, strong revenue growth and exciting exploration discoveries. Such impressive results reveal a good start for the year 2008.
