China CNOOC's Q3 revenue up 64% on higher prices, output

Total net production rose 9.9% year on year to 144.1mln barrels of oil equivalent

  
Photo used for illustrative purpose only. China National Offshore Oil Corporation's (CNOOC) oil storage facilities in Zhanjiang, south China's Guangdong province are seen in this picture taken in 2004.

Photo used for illustrative purpose only. China National Offshore Oil Corporation's (CNOOC) oil storage facilities in Zhanjiang, south China's Guangdong province are seen in this picture taken in 2004.

REUTERS/China Newsphoto SUN/JK

SINGAPORE- China's offshore oil and gas major CNOOC Ltd said on Thursday its unaudited third-quarter revenue grew 64% to 59.7 billion yuan ($9.33 billion) on higher prices and output.

Realised oil prices jumped 64% to $70.4 per barrel, while gas prices gained 21% to $7.08 per thousand cubic feet.

Total net production rose 9.9% year on year to 144.1 million barrels of oil equivalent, with domestic output up 13% to 100 million boe, as the state major continued to prioritise domestic drilling under a state call to boost supply security.

The domestic output growth came mainly from the Caofeidian 6-4 and Luda 21-2 oilfields as well as its fast expanding onshore unconventional gas fields, the firm said.

Overseas output rose 3.2% year on year, reversing a 4.6% cut a year earlier.

Third-quarter capital spending rose nearly 14% to 20.94 billion yuan.

($1 = 6.3983 Chinese yuan renminbi)

(Reporting by Chen Aizhu; editing by Jason Neely) ((aizhu.chen@thomsonreuters.com; Reuters Messaging: aizhu.chen.reuters.com@reuters.net))


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