HONG KONG, April 24 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