CNOOC announces record financial results
(Xinhua)
Updated: 2005-11-01 09:31

China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, announced yesterday that CNOOC Limited, its subsidiary, reported record financial results for the third quarter and nine months of 2005.

The total revenues of CNOOC Ltd. for the third quarter amounted to 1.82 billion US dollars, a 30.8 percent increase from the thirdquarter of 2004. The total revenues for the first nine months increased by 44.2 percent year on year to 4.83 billion US dollars.

The total net production in the third quarter was 427,414 barrels of oil equivalent (BOE) per day, compared with 404,571 BOEper day for the same period last year.

During the period, net daily production offshore China grew 6.8percent year on year to 388,060 BOE. Offshore China production forthe first nine months increased 15.2 percent year on year to 385,091 BOE.

For the third quarter, CNOOC Ltd. saw its oil and gas sales reach 1.81 billion US dollars, an increase of 31.2 percent year onyear.

Oil and gas sales for the first nine months amounted to 4.79 billion US dollars, which represents an increase of 44.8 percent over the same period last year.

The average realized oil price in the third quarter increased 30.1 percent to 52.40 US dollars per barrel, compared to 40.28 US dollars for the prior-year period.

The average realized gas price was 2.94 US dollars per thousandcubic feet, an increase of 2.2 percent compared to 2.87 US dollarsin the same period last year.

The average realized oil price in the first three quarters was 46.74 US dollars per barrel while the price of gas was 2.94 US dollars per thousand cubic feet.

Owing to the strong oil price and production growth, CNOOC Ltd.saw both the third quarter and nine months financial results set ahistoric record high, said Yang Hua, Chief Financial Officer of the Company.

In the third quarter, CNOOC Ltd. made three new discoveries andcompleted four successful appraisals in offshore China. During theperiod, two projects, including Bongzhong 25-1/25-1S and Nanbao 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 Zhou Shouwei, Presidentof the Company.

CNOOC Ltd., incorporated in Hong Kong, is a 70.64 percent held subsidiary of CNOOC. CNOOC Ltd. is the sole vehicle through which CNOOC carries out oil and gas exploration, development, productionand selling activities offshore China and internationally.