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CNOOC Q1 output jumps on Nexen buy; may miss 5-year growth target

Apr 22 2014, 20:38 IST
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SummaryCNOOC Ltd on Tuesday posted a 15.5 percent rise in first quarter output mainly due to its purchase of Canadian firm Nexen last year, but China's top offshore oil and gas producer could still miss its 2011-2015 annual organic production target as it struggles with ageing domestic oil fields.

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Revenue rose 6.9 percent year-on-year to 59.15 billion yuan ($9.50 billion) in the first quarter as realised oil prices dipped 5.1 percent to $104.63 per barrel, the company said. CNOOC does not report quarterly profit figures.

CNOOC last month posted a worse-than-expected 11.4 percent slide in its 2013 net profit amid flagging production growth, rising costs and weakening crude prices.

CNOOC shares closed up 0.47 percent ahead of the results announcement. The stock was one of the worst performers among major exploration and production companies globally in 2013 due to worries about its output growth outlook and the premium it paid to acquire Nexen.

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