Record financial results for CNOOC
Posted: 1 November 2005
CNOOC Limited reported record financial results for the third quarter and nine months ended 30 September 2005. Total unaudited revenues amounted to RMB14.87 billion (equivalent to US$ 1.82 billion) for the third quarter of 2005, a 30.8 per cent increase from the third quarter of 2004. Total revenues for the first nine months of 2005 increased by 44.2 per cent year on year (YoY) to RMB39.75 billion (equivalent to US$ 4.83 billion).
Total net production in the third quarter of 2005 was 427,414 barrels of oil equivalent (BOE) per day, compared with 404,571 BOE per day for the same period in 2004. During the period, net daily production offshore China grew 6.8 per cent YoY to 388,060 BOE. Offshore China production for the first nine months of this year increased 15.2 per cent YoY to 385,091 BOE.
For this period, the Company’s oil and gas sales reached RMB14.76 billion (equivalent to US$ 1.81 billion), an increase of 31.2 per cent YoY. The oil and gas sales for the first nine months of 2005 amounted to RMB 39.49 billion (equivalent to US$ 4.79 billion), which represents an increase of 44.8 per cent over the same period last year.
The average realized oil price in the third quarter increased 30.1 per cent to US$52.40 per barrel, compared to US$40.28 for the prior-year period. The average realized gas price was US$2.94 per thousand cubic feet, an increase of 2.2 per cent compared to US$2.87 in the same period last year. And year to date average realized oil and gas prices were US$46.74 per barrel and US$2.94 per thousand cubic feet respectively.
“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,” said Mr. Yang Hua, Chief Financial Officer of the Company.
In the third quarter, CNOOC Limited made three new discoveries and completed four successful appraisals offshore China. During the period, two projects, including Bongzhong (BZ) 25-1/25-1S and Nanbao (NB) 35-2 came on stream successfully.
"We are confident to meet the full year production growth target offshore China set in early 2005, with the contribution of the coming new projects, though we have experienced the effect of the typhoons in the South China Sea,” said Mr. Zhou Shouwei, President of the Company.
“We are satisfied with our Q3 results, the performance of the Company is being further enhanced, strengthening our confidence in achieving the long term growth target,” said Mr. Fu Chengyu, Chairman and Chief Executive Officer.
For more information see www.cnooc.com.cn
Posted by Richard Price, Editor, EnergyME.com
Information supplied by companies or PR agencies who are responsible for content.
Send press releases to richard@energyme.com |
