CNOOC Q3 Production Down, Revenues Up On Higher Prices; Confident Of FY Targets

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported Wednesday that its third-quarter total net production was 116.2 million barrels of oil equivalent or BOE, representing a decrease of 1.3% year over year.

Production from offshore China decreased 2.4% from last year to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production, however, increased 0.7% YoY to 42.4 million BOE.

For the third quarter, oil and gas sales revenue was approximately 35.94 billion Chinese yuan, representing an increase of 16.9% from the prior year, mainly due to the increase of average realized oil and gas prices.

During the period, the Company's average realized oil price increased 20.4% year-over-year to $50.87 per barrel, which mainly due to the increased international oil prices.

The Company's average realized gas price was $6.05 per thousand cubic feet, representing an increase of 15.9%,, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.

For the third quarter of the year, the Company's capital expenditure reached approximately 11.78 billion yuan, almost flat from the same period of last year.

Yuan Guangyu, CEO of the Company, said, "During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders."