CNOOC Reports Robust Q3
CNOOC Limited said that it has maintained strong growth in Q3 result in 2006. Its total unaudited revenue was RMB18.6billion (approximately US$2.33 billion) for the third quarter of 2006, a 25% increase from the same quarter of 2005. The Company's unaudited oil and gas revenue for the third quarter amounted to RMB18.4 billion (approximately US$2.3billion), an increase of 24.5% when compared to the same period in 2005.
In the third quarter, the Company achieved a total net daily production of 459,460 barrels of oil equivalent (BOE), an increase of 7.5% from the same period in 2005. Offshore China production reported a growth of 7.7% to reach the level of 417,884BOE. Crude oil and liquids production offshore China was 350,899 barrels per day. Gas production offshore China rose 23.7% to 386 million cubic feet per day. The increase was largely due to the increases of production volume from Western South China Sea and Eastern South China Sea.
The average realized oil price was US$61.78 per barrel, a YOY increase of 17.9% in the third quarter. The company's realized gas price was US$3.39 per thousand cubic feet, a YOY growth of 15.3%.
The revenue growth is largely attributed to the production growth and higher realized oil and gas prices.
In the third quarter, there were two new discoveries offshore China: Liwan 3-1and Weizhou 6-12S, both made by our partners. Liwan 3-1 is the first deepwater discovery offshore China. During the period, 4 successful appraisals were made offshore China. All major development projects were progressing on track in the quarter. In October, three of these projects, QK17-2E, CFD oil fields and Weizhou 6-1, have already started production.
The Company's exploration capital expenditures increased 35.9% to RMB833 million (approximately US$104 million) as a result of intensified exploration activities, while development capital expenditure was flat at RMB3.78 billion (approximately US$474 million) in the third quarter of 2006.
Mr. Fu Chengyu, Chairman and Chief Executive Officer comments, ''CNOOC Ltd. continues to maintain an outstanding performance in Q3 2006. In particular, the Company's gas production has increased significantly. The Q3 result indicated again that we are on the right way to achieve stable and continuous growth.''
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