A Review of the Nigerian Energy Industry

CNOOC sees revenue rise

CNOOC, China24 October 2013, News Wires – The Hong Kong-based subsidiary of China National Offshore Oil Corporation (CNOOC) posted a rise in revenue during the third quarter on the back of increased production.

CNOOC Ltd generated about 56.1 billion yuan ($9.2 billion) for the three months to 30 September, up 15.9% on the 48.4 billion yuan generated in the third quarter of last year.

Helping drive the growth in revenue was a 17.8% jump in net production to 103.4 million barrels of oil equivalent, compared to 87.8 million boe a year earlier.

CNOOC attributed the rise in output to its acquisition of Nexen earlier this year, without which it said output would have been “basically flat” year-on-year.

Also helping boost revenue was a 1.5% increase in the average realised oil price to $106.26 per barrel, which helped offset a 6.9% decline in the average realised gas price to $5.43 per thousand cubic feet.

During the third quarter of the year CNOOC Ltd made five new discoveries and drilled 15 successful appraisal wells.

– Upstream

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