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April 28, 2008 / 7:50 PM

CNOOC first-quarter profits up

HONG KONG, April 28 (UPI) -- China's CNOOC Ltd. saw net production of 496,753 barrels of oil a day, up 5 percent over first-quarter 2007, and revenue was up 61.8 percent, Xinhua reported.

CNOOC's net gas production reached 601 million cubic feet per day, an increase of 9.3 percent over last year. The increase is attributed to last year's projects finally coming online.

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"CNOOC Ltd.'s first quarter is characterized by steady production growth, strong revenue growth and exciting exploration discoveries. Such impressive results reveal a good start for the year 2008," said Fu Chengyu, chairman and chief executive officer of CNOOC.

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Fu Chengyu

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