HONG KONG (dpa-AFX) - CNOOC Ltd. (CEO) said its third-quarter total unaudited oil and gas sales revenues grew 23.7% year-over-year to approximately RMB46.26 billion, having benefited from rising realized oil and gas prices.
The company achieved a total net production of 80.9 million barrels of oil equivalent for the quarter, down by 9.1% from the prior year, mainly due to the natural decline of certain existing fields and the production loss as a result of the suspension of production of Penglai 19-3 oilfield in Bohai Bay.
CNOOC's average realized oil price rose 50.3% year-over-year to $112.04 per barrel while the company's average realized gas price increased 20.0% year-over-year to $5.18 per thousand cubic feet.
YANG Hua, Chief Executive Officer of the company commented, 'In the third quarter, the adjusted annual production target was further challenged by the suspension of production at PL19-3 oilfield due to the oil spill incident. The Company will be well prepared to deal with these challenges through stabilizing production of the existing fields as well as pushing for the construction on the new projects.
In the meantime, the Company will properly handle and resolve all subsequent issues of the oil spill incident. We will also carry out thorough safety inspection in all offshore area to prevent any potential risks and thus laying a better foundation for the Company's long-term development.'
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