China's biggest offshore oil and gas producer CNOOC Ltd said Tuesday its first quarter revenue rose 3.7 percent year-on-year and it was on track to achieve its growth targets for this year.

The company said in a filing to the Hong Kong stock exchange that oil and gas revenue for the three months to March 31 rose to 48.84 billion yuan (US$7.75 billion) from 47.08 billion yuan a year ago.

The listed unit of state-owned China National Offshore Oil Corporation said it achieved total net production of 79.8 million barrels-of-oil-equivalent in the first quarter and had "made significant progress in exploration".

"I believe these achievements will strongly support our production growth target," chief executive Li Fanrong said in a statement. The firm is aiming for compound annual production growth of six to 10 percent between 2011 and 2015.

CNOOC's result came despite a decline in output because of the shutdown of its Bohai Bay field in northeast China in September after an oil leak.

US oil giant ConocoPhillips and CNOOC, which jointly developed the field, said earlier this month they will pay fisherman around 305 million yuan over the spill.

-- Dow Jones Newswires contributed to this story --