(MENAFN) Sales revenue of China National Offshore Oil Corp. (CNOOC) dropped 39.9 percent to USD5.8 billion in the first-quarter period of 2015, Xinhua reported.
China's largest offshore oil and gas company's average oil price during the period was USD53.4 per barrel, down 49 percent. Gas was priced at USD6.68 per thousand cubic feet, up 5.5 percent.
CNOOC attributed the drop to the falling oil prices. Oil and gas production in the first quarter went up 9.4 percent to 118 million barrels of oil equivalent on some new fields going on stream.
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