CNOOC says Q1 output falls 6.3 pct after oil spills

HONG KONG, April 24 Tue Apr 24, 2012 4:40am EDT

HONG KONG, April 24 (Reuters) - China's top offshore oil producer CNOOC Ltd reported a 6.3 percent drop in crude oil and gas output in the first quarter after a spill shut its biggest oilfield last year.

Production totalled 79.8 million barrels of oil equivalent (boe) in the first three months, compared with 85.2 million boe a year earlier, CNOOC said in a statement on Tuesday.

The closure of Penglai 19-3 field, operated by ConocoPhillips, led to production losses of 5.9 million boe for CNOOC last year.

The company has yet to get government approval to reopen the oilfield in eastern China's Bohai Bay.

CNOOC's unaudited oil and gas revenue in the first quarter rose 3.7 percent to 48.84 billion yuan ($7.74 billion) as its realised oil and gas prices gained more than 19 percent in the period, according to the statement.

The company has said it aimed to produce 330 million to 340 million boe this year, little changed from 331.8 million boe in 2011, CNOOC said in January. It targets compound annual output growth of 6 to 10 percent in the five years through 2015, partly by focusing on unconventional resources including oil sands and shale gas.

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