CNOOC Ltd’s third-quarter revenue increases 6.6% to $7.7bn

24 October 2012 11:38  [Source: ICIS news]

SINGAPORE (ICIS)--CNOOC Ltd said on Wednesday that its total revenue in the third quarter of this year increased by 6.6% year on year to $7.7bn (€5.93bn).

Total revenue in the first three quarters reached $23bn, an increase from the $22.2bn posted in the same period of in 2011, the listed subsidiary of China National Offshore Oil Corp (CNOOC) said in a statement.

Total sales of oil and gas in the third quarter rose by 6% year on year to $7.6bn, because of higher production growth.

The company achieved a total net production of 87.8m barrels of oil equivalent (boe) for the third quarter, up by 8.5% year on year, according to the company.

In the third quarter, the company’s average realised oil price decreased by 6.5% year on year to $104.74/bbl, while its average realised gas price increased by 12.5% year on year to $5.83 per thousand cubic feet.

The company expects its 2012 net production to exceed its annual production target and achieve 335m-345m boe.

CNOOC is China’s biggest offshore oil producer.

($1 = €0.77)

By: Fanny Zhang
+65 6780 4359

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