CNOOC Reports 1Q 2014 Net Production of 108.1 MMboe, Up 15.5% YOY

China National Offshore Oil Corp. Ltd. reported a net production of 108.1 million barrels of oil equivalent (MMboe) in the first quarter of 2014 (1Q 2014), up 15.5 percent from the previous year, the company said in an update on its performance Tuesday.

Revenue from CNOOC's oil and gas sales reached $9.48 billion (CNY 59.15 billion) in 1Q 2014, or 6.9 percent higher than a year ago. The firm's capital expenditure during this period stood at $3.09 billion (CNY  19.31 billion), 29.8 percent more than in 1Q 2013.

CNOOC made five new offshore discoveries, comprising Bozhong 22-1-2 well in Bohai Bay, Ningbo 22-1-1 well in East China Sea, Weizhou 6-13-1d well and Lingshui 17-2-1 well in Western South China Sea, and Liuhua 27-1-1 well in Eastern South China Sea. The company also drilled eight successful appraisal wells offshore China during the quarter.

Meantime, CNOOC is carrying out offshore commissioning work at Kenli 3-2 field in Bohai Bay and Wenchang 13-6 fields in Bohai Bay and Western South China Sea, respectively. Modules for the Panyu 10-2/5/8 field in Eastern South China Sea and Qinhuangdao 32-6 adjustment in Bohai Bay are still under construction.

Separately in the Eastern South China Sea, CNOOC has commenced installation and commissioning work on subsea facilities at the Panyu 34-1/35-1/35-2 field and completed installation of a jacket at the Enping 24-2 field. Elsewhere, CNOOC completed the installation of a jacket and a topside module of wellhead platforms for the Golden Eagle project in UK North Sea.

“In the first quarter, the Company made significant progress in exploration, particularly the new discoveries and successful appraisals will lay a solid foundation for the Company’s sustainable development,” Li Fanrong, CNOOC's CEO said in a press release Tuesday.

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