Cnooc's 1Q Gas Output Up a Tad
Chinese state Cnooc April 25 said natural gas output during the three months to March 31 (1Q2019) was 126.5bn ft3, up 0.63% year-on-year.
The company achieved a total net production of 120.1mn barrels of oil equivalent during 1Q2019, unchanged on 1Q2018. Production from offshore China increased 2.3% year-on-year to 79.3mn boe, mainly attributable to commencement of production of new projects, Cnooc said.
Overseas production decreased 4.2% year-on-year to 40.8mn, mainly due to completion of historical investment recovery of Missan project in Iraq and expiration of contract of SES block in Indonesia, the company added.
The oil and gas revenue during the quarter was yuan 42.05bn ($6.24bn), down 1.1% on the same period last year. During the period, Cnooc’s average realised oil price decreased 4.3% year-on-year to $60.78/b while average realised gas price was $6.88/’000 ft3, up 6.3% on the same quarter of previous year.
During 1Q2019, capital expenditure reached approximately yuan 14.08bn, up 45.8% year-on-year as a result of increased workload, Cnooc said.