CNOOC has reported a fall in production for the first quarter of 2017.
The Chinese oil company achieved a total net production of 119.1 million barrels of oil equivalent (boe) for the first few months of the year, a 4.2% decrease from last year.
The news comes despite an increase in revenues of 55.8 per cent, due largely to the increase in oil prices, and the discovery of new wells and drilling of appraisal wells.
Yuan Guangyu, chief executive of CNOOC, said, “Despite the continued challenging market conditions, the company has maintained smooth production and operations during the first quarter of the year.
“We will continue to enhance quality and efficiency, pursue quality growth, and increase profitability-oriented production volume.”
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