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Cnooc Q1 oil, gas revenue up 13% on rising production from overseas

BY YVONNE LEE

HONG KONG -- Cnooc CEO said its Q1 oil and gas revenue jumped 13% from a year earlier, thanks to strong overseas production after China' s largest offshore oil producer by volume completed the acquisition of Nexen in February.

Oil and gas revenue for the three months ended March 31 rose to $8.9 billion, from $ 7.92 billion a year earlier, despite lower selling prices of crude oil. The company didn' t specify its Q1 net profit.

Cnooc said its net crude oil and natural gas output rose 17% in the first quarter from the same period a year earlier, helped by an increase in production from countries including United States and Iraq.

The state run Cnooc and its parent China National Offshore Oil have been the most aggressive among China' s oil giants in terms of acquiring overseas shale gas and oil assets. Since 2011, the two have spent over $24.8 billion on overseas upstream assets, mostly in Africa, Australia and Canada.

The Nexen acquisition, China' s largest single overseas investment, is vital for Cnooc' s long term growth and energy security, as its oil and gas output growth has been slowing since 2011 due to maturing fields.

Dow Jones Newswires

04/29/2013

 

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