Cnooc's sales revenue up 64% in Q3
Chinese state-run CNOOC’s unaudited sales revenue during the July-September period (Q3) came to 59.7bn yuan ($9.3bn), up 64% year/year owing to higher oil and gas prices, it said on October 28.
For Q3, the company's average realised oil price increased by 63.6% yr/yr to $70.38/barrel. Cnooc’s average realised gas price was $7.08/'000 ft3, up 21% yr/yr.
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The company achieved a total net production of 144.1mn barrels of oil equivalent (boe), representing an increase of 9.9% yr/yr. Production from China increased by 13% yr/yr to 100.1mn boe, mainly due to the start of new projects including the Caofeidian 6-4 oilfield, the Luda 21-2 oilfield and the production growth from onshore unconventional gas fields. Overseas production increased by 3.2% yr/yr to 43.9mn boe.
“The company is confident of achieving the annual production and operation targets, and will strive to create value for our shareholders,” CNOOC CEO Xu Keqiang.