UPDATE 1-CNOOC Q1 revenue sinks 30.7 pct on weak oil; output up 5 pct
* Net production up as two new oilfields come online
* But CNOOC keeps 2016 output target at 470-485 million boe
* Says no significant oil price rise seen due to fundamentals (Adds details of new fields on line; maintain 2016 output target)
By Chen Aizhu
BEIJING, April 28 (Reuters) - CNOOC Ltd, China's offshore oil and gas specialist, reported a 30.7 percent plunge in first-quarter revenue as global crude prices sank to a more than 12-year low, but delivered a 5-percent growth in production over the period.
CNOOC's total net production rose 5.1 percent over the year-ago period to 124.3 million barrels of oil equivalent (boe), as two new oilfields came on stream, the company said in a filing with the Hong Kong stock exchange.
CNOOC, however, said it was maintaining its 2016 output target at 470-485 million boe, versus 495.7 million boe in 2015.
The company reported unaudited oil and gas sales revenue of 24.64 billion yuan ($3.80 billion) for the first quarter, down 30.7 percent from a year ago as realised oil prices fell 39.1 percent to $32.54 per barrel.
Brent crude futures hit $27.10 per barrel in January - the weakest since late 2003. While prices started bottoming out since March, concerns remain about the sustainability of the rally given a persistent global supply overhang. Continuación...