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China Offshore Major Showed Rise

China's largest offshore oil producer, CNOOC Ltd..

China's largest offshore oil producer, CNOOC Ltd., said Monday its 3rd quarter revenue rose 31% from the year-earlier period on high crude prices and strong domestic demand.

The company said revenue in the third quarter totaled CNY14.87 billion, up from CNY11.37 billion in the same period last year.

CNOOC said its oil and gas output in the first nine months this year rose 15.2% to 385,091 barrels of oil equivalent per day from the year-earlier period. The company didn't provide a figure for the year-earlier period.
For the nine-month period, CNOOC posted a 44% rise in revenue to CNY39.75 billion, from CNY27.57 billion a year earlier.
Chief Financial Officer Yang Hua said in a statement: "Both the third quarter and nine months financial results set a historic record high. We reaped and enjoyed the benefit of strong oil price and production growth."


In the quarter, CNOOC's realized oil price was US$52.40 per barrel, up 30% from US$40.28 per barrel in the same period last year, because of the high international oil price.