BEIJING, Oct. 25 (Xinhua) -- CNOOC Ltd (00883.HK), China's largest offshore oil and gas developer, announced on Thursday that its unaudited oil and gas sales revenue in the third quarter of the year amounted to about 48.34 billion yuan, up 0.8 percent year on year.
The listed company said that the increase in production offset the decline in prices, helping shore up the revenue. During the period, the company's average oil price was 60.89 U.S. dollars per barrel, down 14.9 percent year-on-year, which was basically consistent with the international oil price trend. The average price of the company's natural gas was 5.70 U.S. dollars per 1,000 cubic feet, down 8.8 percent year on year.
In the third quarter, CNOOC's capital expenditure reached approximately 19.53 billion yuan, a year-on-year increase of 27.9 percent, mainly due to the significant year-on-year increase in workload, according to the company.
The company achieved a total net output of 124.8 million barrels of oil equivalent in the third quarter, up 9.7 percent year on year. In a breakdown, its net output in China's seas reached 80.2 million barrels of oil equivalent, up 8.9 percent year-on-year, and that overseas amounted to 44.6 million barrels of oil equivalent, up 11.2 percent year-on-year.
In terms of development and production, three of the six new projects that the company plans to put into production within the year have been rolled out. Among them, Bozhong 34-9, Caofeidian 11-1/11-6 oilfield comprehensive adjustment project and Wenchang 13-2 oilfield comprehensive adjustment project are undergoing offshore commissioning.
"In the third quarter, the company continued to increase oil and gas exploration and development and achieved an increase in output at home and abroad. We are confident to complete the production and operation targets for the whole year and continue to create greater value for shareholders," said Xu Keqiang, president of the company. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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