• Most Popular
  • Most Shared

China's CNOOC Q1 output up 5 pct, revenue jumps

Mon Apr 28, 2008 4:36am EDT

Stocks

   

HONG KONG, April 28 (Reuters) - China's top offshore oil and gas producer, CNOOC Ltd (0883.HK) (CEO.N), produced 5 percent more oil and gas in the first quarter while its total revenue jumped 61.8 percent on high oil prices.

Stocks  |  Global Markets

State-owned CNOOC, its coffers bulging with oil revenue, is hunting for overseas assets to meet demand from China, the world's largest oil consumer after the United States.

CNOOC said in a statement on Monday that its overall oil and gas output rose to 496,753 barrels of oil equivalent per day in the January to March period.

Its average oil selling price was US$88.76 per barrel in the quarter.

Unaudited total revenue came to 24.03 billion yuan ($3.4 billion) in the same period.

Shares of CNOOC fell 13 percent in the first three months, compared with an 18 percent drop in the benchmark index .HSI. ($1=7.009 Yuan) (Reporting by Judy Hua; Editing by Anne Marie Roantree)

Stocks
Global Markets


More from Reuters

Afghan suicide blast kills eight U.S. civilians

KABUL (Reuters) - A suicide bomber killed eight American civilians in an attack at a military base in southeastern Afghanistan on Wednesday, one of the highest foreign civilian death tolls in an insurgent strike in the eight-year war.

» More Top News
A computer screen image made using Millimeter Wave technology shows a person during a demonstration at the Transporation Security Administration (TSA) Systems Integration Facility in Washington, December 30, 2009. Credit: REUTERS/Jason Reed

Body scans are Obama's call

The Dutch are doing it. So what's taking the U.S. so long to make airport body scanners mandatory?  Full Article | Video 

U.S.
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary