Cnooc's Revenue Slips 27% in Q3
Chinese state-run offshore oil and gas producer Cnooc’s revenue in three months to September 30 (Q3) was approximately yuan 35.55bn ($5.32bn), down 26.8% yr/yr owing to lower realised oil prices, it said on October 22.
For the quarter, Cnooc's average realised oil price decreased by 29.3% yr/yr to $43.03/barrel while the average realised gas price was $5.85/’000 ft3, up 2% yr/yr.
The company produced 131.2mn barrels of oil equivalent during the period, representing an increase of 5.1% yr/yr. Production from China increased by 10.4% yr/yr to 88.6mn boe, mainly due to start of new projects such as Luda 21-2/ Luda 16-3 regional development project and Dongfang 13-2 gas fields development project. Production from overseas decreased by 4.6% yr/yr to 42.6mn boe.
During the period, the company made four new discoveries and successfully drilled 14 appraisal wells. The capital expenditure decreased by 5.8% yr/yr to yuan 18.40bn, in line with the target after annual adjustment, Cnooc said.