CNOOC production up 4.7% on year on new projects

London, (Quantum Commodity Intelligence) - China National Offshore Oil Company's (CNOOC) Q1 production rose 4.7% in the first quarter of the year compared with a year earlier, the company said in financial results Thursday.

The figure represents output of 137.7m boe and was down to production growth from new projects coming onstream.

Net production from China rose 8.7% on the year to 94.7m boe.

"In the first quarter of 2021, the Company efficiently progressed in increasing the reserves and production and has achieved a better-than-expected production and operation results," Xu Keqiang, CEO of the company, said in a statement.

CNOOC's revenue rose 21% on the year to CNY48.34 billion as oil prices rose 20.5%, the company said.