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China National Offshore Oil Corporation Announces Record Financial Results

Posted on: Monday, 31 October 2005, 12:01 CST

Text of report in English by official Chinese news agency Xinhua (New China News Agency)

Beijing, 31 October: China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, announced Monday [31 October] 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 1.82bn US dollars, a 30.8 per cent increase from the third quarter of 2004. The total revenues for the first nine months increased by 44.2 per cent year on year to 4.83bn US dollars.

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

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

For the third quarter, CNOOC Ltd. saw its oil and gas sales reach 1.81bn US dollars, an increase of 31.2 per cent year on year.

Oil and gas sales for the first nine months amounted to 4.79bn US dollars, 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 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 thousand cubic feet, an increase of 2.2 per cent compared to 2.87 US dollars in 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 a historic record high, said Yang Hua, Chief Financial Officer of the Company.

In the third quarter, CNOOC Ltd. made three new discoveries and completed four successful appraisals in offshore China. During the period, 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, President of the Company.

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

Source: BBC Monitoring Asia Pacific

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