Chinese offshore oil and gas major CNOOC first-quarter net profit fell 7.9%, weighed down by weaker oil prices, though higher output helped stem the decline.Net income for January-March was 36…
Chinese offshore oil and gas major CNOOC first-quarter net profit fell 7.9%, weighed down by weaker oil prices, though higher output helped stem the decline.
Net income for January-March was 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to a company filing with the Hong Kong Stock Exchange on Tuesday.
CNOOC, the listed arm of the state oil giant China National Offshore Oil Company, reported a 4.1% fall in revenue to 106.85 billion yuan in the first quarter due to lower oil prices.
Its total net production was 188.8 million barrels of oil equivalent (boe), up 4.8% on the year.
Domestic net output grew 6.2% benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from international operations rose 1.9%, lifted by growing output at Brazil's Mero-2 and others.
CNOOC in January set its 2025 net production target at a record between 760 million and 780 million BOE, or 5.6% to 8.3% above 2024's levels.
As one of the world's most cost-efficient offshore producers, all-in production costs for the first quarter were $27.03 a barrel, versus $27.59 in the corresponding period last year.
At an earnings briefing, company President
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