China National Offshore Oil Corp. (CNOOC) on Tuesday reported a 15.5% year-on-year increase in first-quarter production that puts the company on course to exceed its 2013 output target. Hong Kong-listed CNOOC said total net production for January-March came in at 108.1 million boe (1.2 million boe/d), up from 93.6 million boe a year earlier thanks to a full quarter of Nexen consolidation (IOD Apr.29'13). Revenues grew by 6.9% to 59.15 billion yuan ($9.48 billion) on the back of the higher output, with average realized prices up 9.3% for gas, but down 5.1% for oil.
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