BEIJING -- Chinese offshore oil producer CNOOC reported Thursday that sales for the January-March quarter declined 30% year on year to 25.8 billion yuan ($3.98 billion). The global slide in oil prices hurt the company's mainstay offshore oil field development and other upstream operations.
Market prices fell by 40% on average in the three-month period, the company said. Faced with the earnings downturn, CNOOC sharply curtailed its pursuit of concession rights and capital investment, spending 40% less in those areas from a year earlier at 9.69 billion yuan.
