Asia’s largest oil and gas producer has seen production fall but topline increase due to higher oil prices year on year.
China National Offshore Oil Corporation (CNOOC) saw third quarter in country production drop by 1.8 mmboe in Q3 compared to the same period last year.
Overseas production saw a marginal lift to 42.4 mmboe compared to 42.1 in the same quarter last year.
The energy giant attributed the fall “mainly due to production decline of producing fields”.
However a 20.4% increase on an average realised price per barrel boosted total sale revenue by 15.5%.
Total revenue for the three months to the end of September was 37.2billion yuan (£4.2billion), up from 32.2billion (£3.6billion) yuan in the same period last year.
Yuan Guangyu, chief executive, said: “During the third quarter of the year, the company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement.
“Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders.”
Capex spending for the quarter remained largely flat, with a 1% increase on Q3 2016 to 11.7bilion yuan.
During the quarter five new discoveries were made and success was made with nine appraisal wells.
CNNOC said that four out of five projects planned for 2017 had been brought on stream.
Successful appraisal of Wushi 16-1W, in the South China Sea, is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield, the company said.
Weizhou Phase II is under installation and commissioning and expected to commence production within the year.
In overseas, new progress of exploration in Stabroek block, offshore Guyana, has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.
Recommended for you
