China National Offshore Oil Corp sees record highs

China National Offshore Oil Corp reported a net production of 499.7 million barrels of oil equivalent (BOE) during the first three quarters of the year, representing an increase of 8.3 percent year-on-year, hitting a record high for the same period of previous years, the company said on Tuesday.

Net production from China, meanwhile, grew by 6.7 percent year-on-year to 345.5 million BOE, which was mainly attributable to the production growth of Kenli 6-1 oilfield in Bohai Bay and Lufeng 15-1 located in the South China Sea, it said.

The net production from overseas increased by 11.8 percent year-on-year to 154.1 million BOE, mainly driven by the production ramp-up from Liza Phase II in Guyana and Buzios in Brazil. Net production in the third quarter reached 167.8 million BOE, representing a year-on-year growth of 7.0 percent, said the company.

"The company achieved better-than-expected operating results, with oil and gas reserves and production reaching a new high," said Zhou Xinhuai, CEO and president of CNOOC Limited.

"Going forward, the company will push forward the tasks resolutely and strive to meet the full-year targets," he said.

The company's capital expenditures for the first nine months were approximately 89.5 billion yuan ($12.24 billion), rising 30.2 percent year-on-year, which was mainly because of increased workloads on projects under construction. To facilitate the growth of reserves and production, the capital expenditure budget for 2023 was adjusted to 120-130 billion yuan, it said.

zhengxin@chinadaily.com.cn