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CNOOC Q1 revenue down 6.4%

April 30/2020

MOSCOW (MRC) -- CNOOC Limited reported Wednesday that its first-quarter oil and gas sales revenue reached around 39.95 billion Chinese yuan, down 5.5 percent from last year, mainly due to the lower realised oil and gas price, despite increased oil and gas sales volume, said Businessinsider.

First-quarter total net production was 131.5 million barrels of oil equivalent or BOE, an increase of 9.5 percent from the prior year.

Production from China increased 9.7 percent from last year to 87.1 million BOE. Overseas production grew 9 percent to 44.5 million BOE.

During the period, the company made two new discoveries and drilled 21 successful appraisal wells.

For the first quarter of 2020, the company's average realised oil price decreased 19.3 percent year-over-year to $49.03 per barrel, which was in line with the trend of international oil prices.

The average realised gas price was USD6.38 per thousand cubic feet, down 7.3 percent from last year, primarily due to the declined gas price in North America.

Looking ahead, the company reduced fiscal 2020 net production target to 505-515 million BOE from 520-530 million BOE expected earlier.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 383,760 tonnes in the first two month of 2020, up by 14% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased due to the increased capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, CNOOC.
Category:General News
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