CNOOC revenues down

  • Business & Finance

In the third quarter, CNOOC Limited, recorded total net production of 103.0 million barrels of oil equivalent, basically flat year-on-year (YoY).

Production growth in Bohai offshore China remained steady, while overseas production fell slightly primarily due to scheduled maintenance at the Buzzard oilfield in the UK North Sea.

During the period, the Company made 1 new discovery and drilled 9 successful appraisal wells in offshore China including the mid-to-large sized discovery Jinzhou 23-2 that has excellent reservoir quality. Following the successful appraisal of Luda 21-2 structure, it is expected to be developed into a large-sized oilfield. In addition, the Company and its partner Shell made a large-sized deepwater gas discovery Leopard offshore Gabon. In the third quarter, Enping 24-2 commenced production while other projects are progressing on schedule.

In the third quarter, the unaudited oil and gas sales revenue of the Company reached approximately RMB53.57 billion, down 4.6% YoY. The Company’s average realized oil price was US$98.98 per barrel, down 6.8% YoY. The Company’s average realized natural gas price was US$6.61 per thousand cubic feet, an increase of 21.7% YoY, mainly due to the Company implementing a price increase on part of the user base in China and the price increase of overseas natural gas.

During the period, the Company’s capital expenditures reached approximately RMB26.33 billion, up 19.6%, mainly due to the increase in the number of development projects and higher exploration costs on overseas deepwater projects.

Mr. Li Fanrong, CEO of the Company commented, “In the third quarter, the Company made significant exploration progress. The new discovery of Jinzhou 23-2 and successful appraisal of Luda 21-2 will facilitate our future production and reserves growth. Meanwhile, we are confident of meeting our annual major operational goals.”

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