CNOOC announces 7.5 pct net output growth in third quarter

China National Offshore Oil Company Limited (CNOOC Ltd.) announced on Wednesday that its net oil and gas output in the third quarter increased by 7.5 percent over the same period of last year.

According to a company press release, in the third quarter, CNOOC Ltd. gained a revenue of 18.6 billion yuan (2.33 billion U.S. dollars), a 25 percent increase over the same quarter of last year.

The company's oil and gas revenue for the third quarter amounted to 18.4 billion yuan, a year-on-year increase of 24.5 percent.

CNOOC Ltd. reported total daily output of 459,460 barrels of oil equivalent (BOE) in the third quarter, up 7.5 percent year on year.

The company's offshore production grew 7.7 percent to 417,884 BOE per day, including crude oil and liquid products of 350,899 barrels and gas output of 386 million cubic feet per day.

Boosted by fields in the Western and Eastern South China Sea, offshore gas production grew 23.7 percent on a year-on-year basis, said the company.

The average realized oil price in the third quarter was 61.78 U.S. dollars per barrel, a year-on-year increase of 17.9 percent. The realized gas price was 3.39 U.S. dollars per thousand cubic feet, up 15.3 percent.

The company claimed two new discoveries in the third quarter -- Liwan 3-1 and Weizhou 6-12S. Liwan 3-1, discovered by CNOOC's partner Husky, is China's first offshore deepwater discovery.

The company's exploration capital expenditure increased by 35.9 percent to 833 million yuan in the third quarter.

Incorporated in Hong Kong, CNOOC Ltd. is a 70.64 percent held subsidiary of China National Offshore Oil Corporation (CNOOC), China's largest offshore oil and gas producer.

Source: Xinhua