CNOOC Q3 revenues down 23pc.Byline: HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. : China's top offshore oil and gas producer CNOOC CNOOC China National Offshore Oil Corporation produced 18.4 per cent more oil and gas in the third quarter but concerns linger over its future production levels due to its lack of acquisitions since 2006. But its total revenue fell 23.1 per cent to 23.8 billion yuan ($3.49 billion) due to the sharp fall in crude prices. This compares with a forecast by Sanford C Bernstein of 21.6 billion yuan, one of the few analysts to estimate quarterly revenues for CNOOC. CNOOC along with its global peers such as ExxonMobil and Royal Dutch Shell Royal Dutch Shell plc is a multinational oil company of British and Dutch origins. It is one of the largest private sector energy corporations in the world, and one of the six "supermajors" (vertically integrated private sector oil exploration, natural gas, and petroleum product have also been hit by a steep drop in oil prices from their 2008 peak and analysts say the outlook for oil and gas producers remains grim, with crude prices likely to stay weak this year. CNOOC said higher contributions from new fields offset a disruption at an offshore gas field caused by a typhoon typhoon: see hurricane. in September. CNOOC's lack of acquisitions since 2006 has sparked concerns over its production growth, putting more pressure on it to secure more outbound deals such as the highly contested Jubilee oil field in Ghana. "The company's major development projects progressed on track," CNOOC said in a statement. On September 14, CNOOC was forced to shut down its offshore gas field Huizhou 21-1 for three weeks, after a typhoon caused damage. The field has since resumed normal production. CNOOC's overall oil and gas output rose to 647,382 barrels of oil equivalent in the July to September period. While benchmark US crude oil futures bounced to $68 a barrel in the third quarter, up from nearly $60 in the second quarter, they are still down from $118 a year ago. The company's average oil selling price was 36.6 per cent lower at $67.83 per barrel in the quarter. Shares in CNOOC fell 4.5 per cent ahead of the results, compared to a 2.3 per cent fall on the benchmark index. CNOOC rose 8.4 per cent in the third quarter, versus PetroChina, which rose 1.9 per cent and the Hang Seng Index Hang Seng index The major index in Hong Kong. Hang Seng Index A market-weighted index of 33 stocks making up approximately 70% of the market value of all stocks traded on the Stock Exchange of Hong Kong. , which gained 14 per cent. Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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