New projects boost CNOOC output but revenues slip on low oil prices

Chinese oil and gas company CNOOC saw an increase in its quarterly output driven by new project startups in China and the contribution from new international projects. However, CNOOC’s quarterly revenues decreased due to lower oil and gas prices.

According to its report on Wednesday, CNOOC achieved a total net production of 131.5 million barrels of oil equivalent (BOE) for the first quarter of 2020, representing an increase of 9.5 per cent year-over-year (YoY).

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