CNOOC to hit high end of annual output target, says finance chief
China’s dominant offshore oil and gas producer reports 15.5 per cent third quarter revenue growth
Energy giant CNOOC is confident of reaching the high end of its annual output target while containing its project spending at the low end of its budget, its finance chief said after reporting a 15.5 per cent third quarter revenue growth.
China’s dominant offshore oil and gas producer recorded total revenue of 37.25 billion yuan (US$5.61 million) for the three months to September 30, up from 32.26 billion yuan in same period last year, it said in a filing to Hong Kong’s stock exchange.
It was driven entirely by a 20.4 per cent year on year jump in the average crude oil selling price to US$50.87 a barrel, while that of natural gas surged 15.9 per cent to US$6.05 per thousand cubic feet.
For the year’s first nine months, revenue grew 29.5 per cent year on year to 116 billion yuan, even as oil and gas output slid 1.4 per cent to 354.1 million barrels of oil equivalent (boe).
The output amounted to 77 to 79 per cent of its full year target.