CNOOC Q3 Oil And Gas Sales Revenue Climbs, Production Down - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported Thursday that its third-quarter oil and gas sales revenue reached approximately 47.93 billion Chinese yuan, representing an increase of 33.4% from last year, mainly benefitting from the increase of international oil prices.

Total net production dropped 2.1 percent year over year to 113.8 million barrels of oil equivalent or BOE.

Production from offshore China reached 73.7 million BOE, almost flat from the same period last year. Overseas production decreased 5.4% to 40.1 million BOE, mainly due to the lower production efficiency in the UK North Sea as a result of the preparation work for infill drilling program.

During the period, the company's average realized oil price increased 40.7% YoY to $71.55 per barrel and the average realized gas price increased 3.4% to $6.26 per thousand cubic feet.

During the period, the Company made four new discoveries and drilled fourteen successful appraisal wells. On development and production, three out of five new projects planned for this year have commenced production.

For the third quarter of 2018, the Company's capital expenditure increased 29.6% to approximately 15.27 billion yuan, mainly due to the increase in development and production workload.

Yuan Guangyu, CEO, said, "In the third quarter, the Company carried out a stable operation of production and its operating conditions went from strength to strength. The Company will keep this momentum to achieve the full-year targets of production and operation."