CNOOC’s first-quarter revenue surges 21% - Panorama Insurance Brokers

CNOOC’s first-quarter revenue surges 21%

China’s national offshore oil and gas company CNOOC Ltd. said on Thursday its oil and gas sales revenue in the first quarter of this year surged by 21%. The Company achieved a total net production of 137.7 million barrels of oil equivalent (boe) for the first quarter of 2021, representing an increase of 4.7% year-over-year (yoy). Among which, it was mainly attributable to production growth from the commencement of new projects, such as Liuhua16-2/20-2 and Lvda16-3/21-2, net production from China increased by 8.7% YoY to 94.7 million BOE. For the new projects planned this year, Caofeidian 6-4 oilfield has commenced production, and other projects progressed as scheduled.

CNOOC said during the period, it made two new discoveries and drilled 18 successful appraisal wells. Kenli 10-2 and Wenchang 9-7 oil and gas bearing structure were successfully appraised in offshore China. Kenli 10-2 is expected to be a mid-to-large sized oilfield, which indicates a broad exploration prospect for shallow lithology oil and gas reservoirs in Bohai   while Wenchang 9-7 is expected to be a mid-sized oilfield.