CNOOC reports Q1 Indonesian production

China's largest offshore oil and gas company CNOOC Limited reported Thursday its overseas net crude oil and liquids production had declined to 33,926 barrels per day (BDP) in the first quarter of 2004 from 41,944 BPD in the same quarter last year, while its natural gas production sharply increased to 323 million cubic feet per day (MMSCFD) from 242 MMSCFD, respectively.

CNOOC’s overseas oil and gas production come from its Indonesian upstream assets, which include South East Sumatra production sharing contract (PSC) (65.34 percent and operatorship), Offshore Northwest Java PSC (36.72 percent), Malacca Strait PSC (39.51 percent) and Poleng technical assistance contract in East Java (50 percent).

The company also participates in Tangguh LNG project in Papua. In February, the company’s working interest in the project increased from 12.5 percent to 16.96 percent.

“Overseas assets contributed a total working interest production of 9.1 MMBOE and EBITDE of RMB627.8 million (US$75.8 million), stronger than what was budgeted. Reported net entitlement production for the company was 362,672 barrels of oil equivalent (BOE) per day,” CNOOC said in its quarterly report.

CNOOC is the largest offshore crude oil producer in Indonesia. Last year, the company’s Indonesian net production reached 22 MMBOE. (robert)