Tuesday, April 24, 2012

China National Offshore Oil Co. Q. 1 Output falls


UPDATE 1-CNOOC Q1 output falls 6.3 pct after oil spills | Reuters: "(Reuters) - 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, as the top Chinese offshore oil producer struggles to deliver production growth for this 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 in the Bohai Bay, 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."

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