On Thursday, China National Offshore Oil Co. (CNOOC)’s subsidiary CNOOC Ltd. announced its soaring third-quarter revenue and reaffirmed its green investments.
In the July-September quarter, CNOOC Ltd.’s unaudited revenue surged by 64% to CNY59.7 billion (USD9.33 billion), supported by higher prices and output. Its realized oil prices skyrocketed by 64% to USD70.4/barrel while gas expanded by 21% to USD7.08/thousand cubic feet.
Capital expenditures (CAPEX) in the past quarter rose by almost 14% to CNY20.94 billion (USD3.28 billion).
The company’s total net production in the period jumped by 9.9% annually to 144.1 million boe with domestic output edged up by 13% to 100 million boe. Under Beijing’s order to boost supply security, the company continued to prioritize domestic drilling.
Meanwhile, its overseas output inched up by 3.2% year-on-year, contrasting with the cut of 4.6% in the same period a year ago.
Looking forward, CNOOC Ltd. plans the completion of its raising CNY35 billion (USD5.47 billion) on the Shanghai stock exchange by the year-end.
The company also reaffirmed its plan to budget 5-10% of its spending on green investment in the upcoming five years, prominently on offshore wind power.
With its parent CNOOC, the company is currently planning an emissions-cutting roadmap under the broad national framework to reach carbon-neutral by 2060.
Also with its parents company, CNOOC Ltd. is paying efforts to slash methane emissions.
