China-based oil group CNOOC has reported an increase of 3.8% in its net daily production to 476,937 barrels of oil equivalent in the third quarter of 2007 compared to the same period in 2006.
The total un-audited revenue was RMB18.26 billion (approximately $2.41 billion) and the un-audited oil and gas revenue for the third quarter reached RMB18.16 billion (approximately $2.39 billion).
Natural gas production rose 17.9% compared to the same period of 2006. The daily net production reached 595 million cubic feet. The overseas oil and gas net production rose 43% compared to the same period of 2006, reaching 59,455 barrels of oil equivalent (boe) per day.
Crude oil and liquids production was up by 19.6% and net gas production increased by 58.3%, which was mainly attributable to the production from the North West Shelf liquid natural gas project in Australia.
Fu Chengyu, chairman and CEO, said: Within this period, the company has achieved remarkable progress in line operations. We’re encouraged by strong growth in natural gas production and the overseas production.