Cnooc Reports 17% Rise in Q3 Revenue on Higher Prices

China’s state owned offshore oil and gas explorer Cnooc’s revenue for quarter that ended September 30 was yuan 35.94bn ($5.41bn), up 16.9% year on year, mainly thanks to higher oil and gas prices, it said October 25.

During the period, the company’s average realised oil price rose 20.4% year on year to $50.87/b, while that for gas was $6.05/’000 ft³, up 15.9% year on year.

Cnooc achieved a total net production of 116.2mn barrels of oil equivalent (boe), down 1.3% from Q3 2016. Production from offshore China decreased 2.4% year on year to 73.8mn boe, mainly due to production decline of producing fields. Overseas production increased 0.7% on year to 42.4mn boe.

Cnooc made five new discoveries and drilled nine appraisal wells. To date, four out of the five new projects planned for this year have started production, it said.

Shardul Sharma