CNOOC revenue doubles as crude prices rebound

CNOOC (CEO.NYSE, 0883.HK), the listed unit of China National Offshore Oil Corp, said its revenue more than doubled to US$4.46 billion in the first quarter of 2010 thanks to a rebound in crude prices and strong domestic demand, Bloomberg reported. The company didn’t issue a quarterly profit figure as it only reports half- and full-year earnings. CNOOC, China’s biggest offshore oil producer, said the average realized price for a barrel of oil rose 81% to US$75.37 while output increased 31.9%. It expects to boost output by as much as 27% this year. The company made five offshore discoveries in the first quarter, with three projects coming on-stream during this period out of nine planned for the year as a whole. Although capital spending fell 22.7% between January and March, the company is sticking to its budget of US$7.9 billion for 2010 as it develops more projects.