Chinese oil giant Cnooc has been given a boost after recording a 7.7% increase in first quarter sales.
Total oil and gas sales rose to $9.7billion in the three months to March 21, the Beijing-based company said.
Output rose 15 percent to 108.1 million barrels of oil equivalent from a year earlier. Cnooc, which gets most of its income from oil and gas production, didn’t report profit for the period.
Cnooc made five new discoveries in the first quarter and successfully appraised eight offshore wells in China, according to the statement.
The Chinese explorer’s shares have fallen 10 percent in Hong Kong trading this year, compared with a 2.5 percent decline in the benchmark Hang Seng Index.
Cnooc gained 0.5 percent to HK$12.94. The earnings were announced after the close of markets.
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