Cnooc's Q3 Revenue Rises 33% on Year
Chinese state Cnooc said October 25 its Q3 2018 revenue increased 33.7% year-on-year to yuan 49.82bn ($7.1bn) thanks to higher oil prices.
During the period, Cnooc’s average realised oil price increased 40.7% year-on-year to $71.55/barrel and the average realised gas price increased 3.4% year-on-year to $6.26/’000 ft3.
The company achieved a total net production of 113.8 million barrels of oil equivalent during Q3 2018, representing a decrease of 2.1% year-on-year. Production from offshore China reached 73.7mn boe, almost flat from the same period last year. Overseas production decreased 5.4% year-on-year to 40.1mn boe, mainly due to the lower production efficiency in the UK North Sea as a result of the preparation work for infill drilling program, Cnooc said.
During the period, the company made four new discoveries and drilled fourteen successful appraisal wells. The new discovery of Luda 4-3 made in offshore China was evaluated as a mid-sized oil and gas structure, the company said.
On development and production, three out of five new projects planned for this year have commenced production. Dongfang 13-2 gas fields and Wenchang 9-2/9-3/10-3 gas fields are under installation and commissioning, and expected to commence production within the year, Cnooc added.
For the quarter, the company's capital expenditure increased 29.6% year-on-year to approximately yuan 15.27bn.