China Oil Giant CNOOC on Track for Growth Targets

Company expects to reach annual production growth of 6% to 10%.

China's biggest offshore oil and gas producer CNOOC Ltd. (IW 1000/145) said Tuesday its first quarter revenue rose 3.7% year-on-year, and it was on track to achieve its growth targets for this year.

The company said in a filing to the Hong Kong stock exchange that oil and gas revenue for the three months to March 31 rose to 48.84 billion yuan (US$7.75 billion) from 47.08 billion yuan a year ago.

The listed unit of state-owned China National Offshore Oil Corporation said it achieved total net production of 79.8 million barrels-of-oil-equivalent in the first quarter and had "made significant progress in exploration".

"I believe these achievements will strongly support our production growth target," chief executive Li Fanrong said in a statement. The firm is aiming for compound annual production growth of 6% to 10% between 2011 and 2015.

CNOOC's result came despite a decline in output because of the shutdown of its Bohai Bay field in northeast China in September after an oil leak.

U.S. oil giant ConocoPhillips (IW 500/3) and CNOOC, which jointly developed the field, said earlier this month they will pay fisherman around 305 million yuan over the spill.

-- Dow Jones Newswires contributed to this story --

Copyright Agence France-Presse, 2012

See also:

ConocoPhillips to Set Up Fund for China Oil Spill

Anger Mounts in China Over Oil Spill

Chesapeake Sells Texas Assets to China's CNOOC

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