Glonghui, April 28 | Bank of China International released a report saying that CNOOC's net profit for the first quarter increased 24% year-on-year to 39.7 billion yuan, 9% higher than the bank's forecast. This difference is mainly due to lower costs than expected, realized oil prices, and higher production than expected. Bank of China International indicated that due to the recent surge in oil prices, CNOOC's profit in the second quarter is likely to be higher. Had the typhoon not had a significant impact, the company's oil and gas production would exceed its guideline target limits. The bank reaffirmed its “buy” rating and raised the target price from HK$19.95 to HK$21.84. According to the report, since mid-March, oil oil has stabilized at more than 85 US dollars per barrel, so the company's profit should increase in the second quarter. At the same time, it is believed that as long as oil is maintained at an average level of 81 US dollars per barrel, the bank's profit forecast will have room to rise.