CNOOC raises annual production target
By Richard Fu |
October 25, 2012, Thursday
|
Print Edition
Print Edition
CHINA'S dominant offshore oil producer CNOOC Ltd yesterday said oil and gas output rose 8.5 percent in the third quarter and raised its annual production target.
Net output totaled 87.8 million barrels of oil equivalent in the July-September quarter, versus 80.9 million barrels in the same period a year earlier, CNOOC said, citing contribution from new projects and higher overseas production.
The company said it made eight successful offshore appraisal wells in China. Analysts at Sanford C. Bernstein said this is "significant improvement" over recent quarters.
Higher production helped lift CNOOC's oil and gas revenue by 4.7 percent to 48.44 billion yuan (US$7.75 billion) in the third quarter despite a 6.5 percent decrease in its average realized oil price. The company's realized gas price rose 12.5 percent in the quarter.
CNOOC doesn't report its quarterly profit.
The company also said 2012 production is set to reach 335-345 million barrels of oil equivalent, exceeding its earlier guidance of 330-340 million barrels.
CNOOC, which has bid US$15.1 billion for Canada's Nexen Inc, is working to get Canadian government approval, Chief Financial Officer Zhong Hua said yesterday.
The comments came just days after Ottawa blocked Malaysia-based Petronas' takeover bid for another Canadian company, a move analysts said increased the probability that CNOOC's bid will be rejected. Canada is expected to give a final decision on the CNOOC-Nexen deal on November 9.
Net output totaled 87.8 million barrels of oil equivalent in the July-September quarter, versus 80.9 million barrels in the same period a year earlier, CNOOC said, citing contribution from new projects and higher overseas production.
The company said it made eight successful offshore appraisal wells in China. Analysts at Sanford C. Bernstein said this is "significant improvement" over recent quarters.
Higher production helped lift CNOOC's oil and gas revenue by 4.7 percent to 48.44 billion yuan (US$7.75 billion) in the third quarter despite a 6.5 percent decrease in its average realized oil price. The company's realized gas price rose 12.5 percent in the quarter.
CNOOC doesn't report its quarterly profit.
The company also said 2012 production is set to reach 335-345 million barrels of oil equivalent, exceeding its earlier guidance of 330-340 million barrels.
CNOOC, which has bid US$15.1 billion for Canada's Nexen Inc, is working to get Canadian government approval, Chief Financial Officer Zhong Hua said yesterday.
The comments came just days after Ottawa blocked Malaysia-based Petronas' takeover bid for another Canadian company, a move analysts said increased the probability that CNOOC's bid will be rejected. Canada is expected to give a final decision on the CNOOC-Nexen deal on November 9.
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