CNOOC Q3 Total Net Production Flat Y-o-Y - Quick Facts

(RTTNews) - Chinese energy firm CNOOC Limited (CEO, CNU.TO) Wednesday reported third-quarter total net production of 103.0 million barrels of oil equivalent, flat with last year.

While production growth in Bohai offshore China remained steady, overseas production was slightly down due to scheduled maintenance at the Buzzard oilfield in the UK North Sea. The unaudited oil and gas sales revenue stood at about RMB53.57 billion, down 4.6 percent from last year. Capital expenditures for the quarter rose 19.6 percent to RMB26.33 billion, mainly due to the increase in the number of development projects and higher exploration costs on overseas deep water projects. "In the third quarter, the company made significant exploration progress. The new discovery of Jinzhou 23-2 and successful appraisal of Luda 21-2 will facilitate our future production and reserves growth. Meanwhile, we are confident of meeting our annual major operational goals," said Li Fanrong, CEO of the group in a statement.