CNOOC's profit up 89% in Q3
Chinese state-owned CNOOC’s net profit in the third quarter jumped 89% year/year to 36.9bn yuan ($5.11bn), thanks higher to oil and prices, the company said on October 27.
The revenue in Q3 rose 54% yr/yr to 89.2bn yuan and production climbed 8.8% yr/yr to 156.8mn barrels of oil equivalent (boe). CNOOC’s realised oil prices increased 36% from a year earlier to $95.8/barrel, while gas prices rose 15% to $8.15/’000 ft3.
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During the quarter, the company made five new discoveries and successfully appraised four oil and gas structures. Among them, the discovery of Liuhua 28-2 West in offshore China will efficiently drive the development of small and medium-sized gas fields in the Liuhua 28-2 tectonic belt, it said.
“The successful discovery of Yacheng13-10 laid a foundation for the reserves succession of Yacheng13-1 gas field, which will meet the growing demand for clean energy in the Greater Bay Area,” it said.