BEIJING: China National Offshore Oil Corp, the country’s top offshore oil and gas producer, yesterday reported lower revenues for the first quarter, citing the sharp drop in global oil prices.
For the quarter, CNOOC’s unaudited oil and gas revenue was about 24.64 billion yuan (US$3.8 billion), down 30.7 percent year on year, the firm said.
CNOOC’s average oil price shrank 39.1 percent year on year to US$32.54 per barrel while the average realized gas price was US$5.69 per 1,000 cubic feet, down 14.8 percent.
Its total net output was 124.3 million barrels of oil equivalent for the quarter, up 5.1 percent year on year.
