CNOOC Q1 Output Rises

28 April 2010 (Last Updated April 28th, 2010 18:30)

China's top offshore oil and gas producer CNOOC said it produced 32% more oil in the first quarter, as total revenues more than doubled on a surge in crude prices. CNOOC said in a statement that its overall oil and gas output rose to 67.3 million barrels of oil equivalent in the Ja

China's top offshore oil and gas producer CNOOC said it produced 32% more oil in the first quarter, as total revenues more than doubled on a surge in crude prices.

CNOOC said in a statement that its overall oil and gas output rose to 67.3 million barrels of oil equivalent in the January-March quarter.

Unlike its peers PetroChina and Sinopec Corp, CNOOC makes all of its profit from exploration and production, and will benefit directly from higher crude prices in 2010, which are expected to average around $80 per barrel, reports Reuters.

CNOOC's stock is up 10.7% so far this year, outperforming shares in PetroChina, which are down 2.4% and Sinopec, which has lost 7.1%.