CNOOC's first-quarter sales climb on increased production


CNOOC's first-quarter sales climb on increased production


BEIJING (Bloomberg) -- CNOOC posted a 7.7% gain in first-quarter sales on higher oil and gas output.

Total oil and gas sales rose to 60.5 bn yuan ($9.7 bn) in the three months ended March 21, the Beijing-based company said in a statement to the Hong Kong stock exchange today. Output rose 15% to 108.1 MMboe from a year earlier. CNOOC, which gets most of its income from oil and gas production, didn’t report profit for the period.

CNOOC made five new discoveries in the first quarter and successfully appraised eight offshore wells in China, according to the statement.

The Chinese explorer’s shares have fallen 10% in Hong Kong trading this year, compared with a 2.5% decline in the benchmark Hang Seng Index. CNOOC gained 0.5% to HK$12.94. The earnings were announced after the close of markets.

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