CNOOC Ltd. Announces 69% Growth in Revenue for Q3      

On October 28th, CNOOC Limited (NYSE: CEO, HK: 0883) announced that its total revenue (unaudited) amounted to RMB30.9 billion (US$4.5 billion) for the third quarter of 2008, representing a significant increase of 69.1% year-on-year. The company also achieved a total net daily production of 549 589 barrels of oil equivalent (BOE), a strong increase of 15.2% year-on-year.
   In Q3, the oil and gas revenue (unaudited) reached RMB30.5 billion (US$4.5 billion), a year-on-year increase of 67.9%. In the first three quarters, the total oil and gas revenue (unaudited) hit RMB84.95 billion (US$12.16 billion) with an increase of 65.3%.
   In the third quarter, the company's net production in offshore China recorded 480 857 BOE per day. Among which, crude and liquid production reached 407 712 barrels per day while gas production was 424 million cubic feet per day respectively. The 15.2% production growth offshore China is mainly attributable by new projects came on stream in 2008, which are Xijiang 23-1, Wenchang oilfields and new platform of Penglai 19-3 phase II. For the period, net production overseas was up 15.6% year-on-year, being 68 732 BOE per day.
   For the third quarter, CNOOC Ltd. sold crude at a price of US$106.94 per barrel, up 58.7% year-on-year, and sold gas for US$3.83 per thousand cubic feet, up 11.7%.