CNOOC gains as oil prices climb 50%
By Richard Fu |
October 27, 2011, Thursday
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Print Edition
Print Edition
CNOOC Ltd, China's dominant offshore oil and gas producer, posted a 23 percent gain in quarterly revenue as higher crude oil prices offset a decline in output after oil spills closed a major oilfield.
The company generated a revenue of 46.5 billion yuan (US$7.3 billion) in July to September, up from 37.8 billion yuan a year earlier, Hong Kong-listed CNOOC said yesterday. It provides earnings figures only for the first half and for the full year.
Net production dropped 9.1 percent to 80.9 million barrels of oil equivalent for the quarter, it said. But the drop was countered by a 50 percent jump in the company's realized oil selling price in the third quarter from a year earlier.
China's maritime authority ordered production to be suspended in the Penglai 19-3 oilfield, 51 percent owned by CNOOC, in early September after United States oil major ConocoPhillips, the field's operator, failed to contain two spills that started in June.
CNOOC has lowered its 2011 output forecast to 331-341 million barrels of oil equivalent from 355-365 million barrels because of the closure and a delay in completing an acquisition in Argentina.
Chief Financial Officer Zhong Hua said yesterday the closure of the Penglai field has cost the company 40,000 barrels a day, but it's confident of reaching the new output target. Analysts have said CNOOC may miss its adjusted production target as the Penglai field may take longer than expected to ramp up.
CNOOC said on Tuesday a joint venture with Argentina-based Bridas Energy Holdings hadn't received regulatory approval to buy a 60 percent stake in Pan American Energy from BP. BP said the transaction may close next year.
The company generated a revenue of 46.5 billion yuan (US$7.3 billion) in July to September, up from 37.8 billion yuan a year earlier, Hong Kong-listed CNOOC said yesterday. It provides earnings figures only for the first half and for the full year.
Net production dropped 9.1 percent to 80.9 million barrels of oil equivalent for the quarter, it said. But the drop was countered by a 50 percent jump in the company's realized oil selling price in the third quarter from a year earlier.
China's maritime authority ordered production to be suspended in the Penglai 19-3 oilfield, 51 percent owned by CNOOC, in early September after United States oil major ConocoPhillips, the field's operator, failed to contain two spills that started in June.
CNOOC has lowered its 2011 output forecast to 331-341 million barrels of oil equivalent from 355-365 million barrels because of the closure and a delay in completing an acquisition in Argentina.
Chief Financial Officer Zhong Hua said yesterday the closure of the Penglai field has cost the company 40,000 barrels a day, but it's confident of reaching the new output target. Analysts have said CNOOC may miss its adjusted production target as the Penglai field may take longer than expected to ramp up.
CNOOC said on Tuesday a joint venture with Argentina-based Bridas Energy Holdings hadn't received regulatory approval to buy a 60 percent stake in Pan American Energy from BP. BP said the transaction may close next year.
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