CNOOC’s Q3 revenues down 27%, production up 5%

CNOOC’s Q3 revenues down 27%, production up 5%

China’s CNOOC said on Thursday its third-quarter revenues declined 26.8% year-on-year dragged down by low oil prices.

The company noted in its quarterly operational update that revenues dropped to RMB 35.55 billion, with its realized oil prices falling 29.3% to average $43.03 per barrel.

Yet, its averaged realized natural gas prices increased 2% y-o-y in Q3 to $5.85 per thousand cubic feet. The growth reflects increased production with higher realised prices in China, said CNOOC.

In the July-September quarter, the company produced 131.2 million barrels of oil equivalent (Mmboe), which is 5.1% more than the same period last year. Chinese production rose 10.4% y-o-y to 88.6 Mmboe, but fell 4.6% y-o-y overseas, to reach 42.6 Mmboe.

Source: Kallanish Energy

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Published: 23-10-2020