CNOOC Limited (00883) said it achieved total net production of 119.1 million barrels of oil equivalent (BOE) for the first quarter of 2017, a decrease of 4.2% year-on-year, mainly due to the natural decline of the producing oil and gas fields.
The unaudited oil and gas sales revenue of CNOOC reached about Rmb38.39 billion for the first quarter of 2017, an increase of 55.8% year-on-year, mainly due to the significant increase in international oil prices. During the period, CNOOC's average realized oil price grew 58.7% year-on-year to US$51.64 per barrel, which is in line with the international oil prices trend. CNOOC's average realized gas price was US$6 per thousand cubic feet, increasing by 5.4% year-on-year.
For the first quarter of 2017, CNOOC's capital expenditure reached about Rmb8.67 billion, representing a decrease of 10.6% year-on-year, mainly due to the decrease in development capital expenditure as a result of work plan and schedule adjustment.
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