CNOOC Q3 Net Production Rises

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported Tuesday its net production in the third quarter reached 167.8 million barrels of oil equivalent or BOE, representing a growth of 7 percent from last year.

Nine-month net production was 499.7 million BOE, an increase of 8.3 percent from the previous year.

The net production from China in the nine months grew 6.7 percent year-over-year to 345.5 million BOE, which was mainly attributable to the production growth of Kenli 6-1 and Lufeng 15-1.

The net production from overseas increased 11.8 percent to 154.1 million BOE, mainly driven by the production ramp-up from Liza Phase II in Guyana and Buzios in Brazil.

The company achieved an unaudited oil and gas sales of RMB238.4 billion and net profit attributable to equity shareholders of RMB97.6 billion.

The average realized oil price dropped 24.2 percent from last year to $76.84 per barrel, which was in line with the trend of international oil prices.

The average realized gas price was $7.92 per thousand cubic feet, representing a decrease of 2.7 percent, which was mainly due to lower prices realized for overseas gas offtakes.

Zhou Xinhuai, CEO and President, said, "In the first three quarters, the Company achieved better-than-expected operating results. Oil and gas reserves and production reached a new high. Going forward, the Company will push forward the tasks resolutely, and strive to meet the full-year targets."