China's dominant offshore oil and gas producer, CNOOC, recorded a 87.3 per cent year-on-year rise in unaudited revenues to 7.5 billion yuan (about HK$7.07 billion) in the first quarter, mainly due to contributions from its stakes in Indonesian oil and gas fields.
Chief financial officer Mark Qiu Zilei said the overseas oilfields were expected to continue to be the main driver for production growth for the rest of the year.
CNOOC bought stakes in five Indonesian oil and gas fields from Spanish oil giant Repsol-YPF for US$585 million. The deal was closed in April last year.
CNOOC posted a 23.2 per cent year-on-year rise in total oil and gas production to 351,378 barrels of oil equivalent (boe) a day.
Domestic daily oil production rose 7.18 per cent to 266,810 barrels and overseas production rose 14 times to 41,944 barrels.
Domestic natural gas production declined 28.4 per cent to 144 million cubic feet per day. The company said the fall was due to a seasonal drop in demand and had not affected its 134 million to 138 million boe production target for the year - up from last year's 126.5 million boe.