CNOOC's Production Increased in 3Q 2007
CNOOC says that all operations are going stably in the third quarter. The Company increased its net daily production to 476,937 barrels of oil equivalent (BOE). The total un-audited revenue was RMB18.26 billion (approximately US$2.41 billion) and the un-audited oil and gas revenue for the third quarter reached RMB18.16billion (approximately US$2.39 billion).
In the third quarter, the Company achieved a total net daily production of 476,937 barrels of oil equivalent (BOE), an increase of 3.8% from the same period in 2006. Offshore China production of 417,482 BOE remains almost the same level as for the same period in 2006.
Natural gas production rose 17.9% compared with the same period last year. The daily net production reached 595 million cubic feet.
In the period, the overseas oil and gas net production rose substantially. Compared with the same period last year it has increased by 43%, reached 59,455 BOE per day. Crude oil and liquids production was up by 19.6% and net gas production increased by 58.3%, which was mainly attributable to the production from North West Shelf LNG Project (NWS project) in Australia
The average realized oil price was US$67.37 per barrel, a YOY increase of 9.0% in the third quarter. The Company's realized gas price was US$3.42 per thousand cubic feet, a slight increase from the same period last year.
The Company's exploration capital expenditures increased 42.0% to RMB1,183 million (approximately US$156 million) as a result of the continuous intensified exploration activities. One new independent discovery, Panyu 10-2, was made offshore China and eleven appraisal wells were completed successfully. The company has gained more confidence in the potential reserves of the oil and gas structures, such as Jinzhou 25-1, Jinxian 1-1 and Weizhou 11-7.
Mr. Fu Chengyu, Chairman and Chief Executive Officer comments, "Within this period, the company has achieved remarkable progress in line operations. We're encouraged by strong growth in natural gas production and the overseas production. The success of completing eleven appraisal wells, is not only as a great support for the further expansion of the company's reserve base, even more it is a strong prove for CNOOC Ltd.'s effectiveness and efficiencies in exploration operation. In the next few months, the company will keep on its hard works, in order to fulfill the 2007 goals."
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