CNOOC (00883) 1Q oil and gas sales revenue up 10.8%

    CNOOC Limited (00883) said it achieved total net production of 120.1 million barrels of oil equivalent (BOE) for the first quarter of 2018, representing an increase of 0.8% year-on-year.
  Production from offshore China decreased 1.2% year-on-year to 77.5 million BOE, mainly due to normal decline of the producing fields. Overseas production increased 4.7% year-on-year to 42.6 million BOE, mainly driven by production growth of Missan project in Iraq and an increase of interests held by Bridas in Pan American Energy.
  The unaudited oil and gas sales revenue of CNOOC reached about Rmb42.54 billion for the first quarter of 2018, an increase of 10.8% year-on-year, mainly due to the significant rebound in international oil prices. During the period, CNOOC's average realized oil price increased 23.0% year-on-year to US$63.5 per barrel, which is in line with the international oil prices trend. CNOOC's average realized gas price was US$6.47 per thousand cubic feet, increasing by 7.8% year-on-year, primarily due to the increased volume from gas fields with higher realized gas price.
  For the first quarter of 2018, CNOOC's capital expenditure reached about Rmb9.66 billion.