China’s CNOOC said on Thursday its third-quarter revenues declined 26.8% year-on-year dragged down by low oil prices, Kallanish Energy reports.
The company noted in its quarterly operational update that revenues dropped to RMB 35.55 billion, with its realized oil prices falling 29.3% to average $43.03 per barrel.
Yet, its averaged realized natural gas prices increased 2% y-o-y in Q3 to $5.85 per thousand cubic feet. The growth reflects increased production with higher realised prices in China, said CNOOC.
In the July-September quarter, the company produced 131.2 million barrels of oil equivalent (Mmboe), which is 5.1% more than the same period last year. Chinese production rose 10.4% y-o-y to 88.6 Mmboe, but fell 4.6% y-o-y overseas, to reach 42.6 Mmboe.
This post appeared first on Kallanish Energy News.