CNOOC Q1 Net Production Up 4.7% - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported first quarter total net production of 137.7 million barrels of oil equivalent, an increase of 4.7% year-over-year. Capital expenditure decreased by 5.1% to approximately RMB 16.04 billion as a result of the planned schedule of development projects. During the period, the company made two new discoveries and drilled 18 successful appraisal wells.

Xu Keqiang, CEO, said, "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."