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Cnooc 3Q revenue up on higher oil and gas production growth

BY YVONNE LEE 

HONG KONG -- Cnooc has raised its 2012 net oil and gas output target after the Chinese state-controlled oil giant reported a 5.2% increase in third-quarter revenue on the back of higher oil and gas production growth.

China' s largest offshore oil and gas producer by capacity said revenue for the three months ended Sept. 30 rose to $7.73 billion. The company provides only net profit figures for the first half and full year.

Total net oil and gas output rose 8.5% to 87.8 million boe from 80.9 million, thanks to stronger contributions from domestic and overseas projects. The Beijing-based company said it expects to produce 335 million-345 million boe in 2012, up from its previous target of 330 million-340 million. The average selling price of the company' s crude oil in the third quarter fell 6.5% to $104.74 a barrel.

Analysts are worried about the fate of the Beijing-based company' s bid to acquire Canada-based Nexen Inc. for $15.1 billion following the rejection by the Canadian government over the weekend of a $5.21 billion bid by Malaysia' s national oil company to acquire Canadian natural-gas producer Progress Energy Resources.

The Cnooc-Nexen deal, on which Canada could rule as early as mid-November, is widely seen as Beijing' s most ambitious effort to test its reception in the booming North American oil patch. Nexen is one of Canada' s largest independent energy producers, with operations or assets in Canada, the U.S. Gulf of Mexico and the North Sea.

Dow Jones Newswires

10/24/2012

 

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