CNOOC Revenue Declines on Low Crude Prices

29 October 2009 (Last Updated October 29th, 2009 18:30)

CNOOC's third-quarter revenue fell to 23.76bn yuan, representing a 23% year-on-year drop due to a steep decline in crude oil prices, the company announced. The company's realised crude oil price was $67.83 a barrel, representing a 36.6% year-on-year decline. The offshore oil a

CNOOC's third-quarter revenue fell to 23.76bn yuan, representing a 23% year-on-year drop due to a steep decline in crude oil prices, the company announced.

The company's realised crude oil price was $67.83 a barrel, representing a 36.6% year-on-year decline.

The offshore oil and gas producer's overall net daily production for Q3 2009 was 647,382 barrels of oil equivalent (boe), an 18.4% year-on-year increase.

The company's net production offshore China registered a 9.7% year-on-year increase to 524,412boe per day, while net production overseas posted a 78.9% year-on-year rise to 122,970boe per day.

The company's growth in production was due to new projects that started in 2008 and 2009 including Wenchang oilfields, Penglai 19-3 phase II, Bozhong 28-2S, Panyu 30-1 and OML130.

One of CNOOC's key projects, Ledong 22-1/15-1, started production on target in the third quarter of this year. Other key development projects are also advancing on schedule, the company said.

CNOOC has made three finds offshore China: the Dongfang 1-1 middle-formation and Panyu 10-4 independent discoveries, and the Lufeng 7-1 PSC discovery.