CNOOC announces increase in net production

CNOOC Limited announced on Thursday it has achieved a total net production of 144.1 million barrels of oil equivalent for the third quarter of 2021, representing an increase of 9.9 percent year-on-year.

Production from China increased 13.0 percent year-on-year to 100.1 million barrels of oil equivalent, mainly attributable to production growth from the commencement of new projects including the Caofeidian 6-4 oilfield, the Luda 21-2 oilfield and production growth from onshore unconventional gas fields.

Overseas production increased by 3.2 percent year-over-year to 43.9 million barrels of oil equivalent, it said.

"During the quarter, the company has made steady progress in various performance, the key operational statistics have improved substantially," said Xu Keqiang, CEO of the company.

"The company is confident in achieving the annual production and operation targets and will strive to create value for our shareholders."

During the period, the company made nine new discoveries and successfully appraised 13 oil and gas structures.

Offshore, a large-sized commercial discovery was made in the Kenli 10-2 structure with 100 million tons of oil and gas proved in-place volume. A proved in-place volume of over 10 million tons was made in the Bozhong 28-1 structure. The Baodao 21-1 structure was appraised with a positive progress.

Three new discoveries were also made in the Stabroek block in Guyana, namely Whiptail, Pinktail and Turbot-2, it said.

Due to combined effects of the increase in international oil and gas prices and the increased oil and gas sales volume, the unaudited oil and gas sales revenue of the company reached approximately 58.03 billion yuan, representing an increase of 63.3 percent year-on-year.

During the period, the company's capital expenditure increased by 13.8 percent year-on-year to approximately 20.94 billion yuan, mainly due to the increase in workload.