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China CNOOC's Q3 revenue soars 64per cent, reaffirms green investment

China CNOOC's Q3 revenue soars 64per cent, reaffirms green investment

FILE PHOTO: Logos of China National Offshore Oil Corporation (CNOOC) are displayed at a news conference on the company's interim results in Hong Kong, China March 23, 2017. REUTERS/Bobby Yip

SINGAPORE :CNOOC Ltd's unaudited third-quarter revenue grew 64per cent to 59.7 billion yuan (US$9.33 billion) on higher prices and output, the Chinese offshore oil and gas major said on Thursday.

The state oil firm said it is mapping out a emission-cutting roadmap together with parent company China National Offshore Oil Company under the broad national framework to reach carbon-neutral by 2060.

Speaking to reporters, CNOOC repeated its pledge to allocate 5-10per cent of spending on green investment, mainly offshore wind power, over the next five years.

Its medium-term goal is to boost natural gas to 35per cent of total production by 2025 from 21per cent at present.

"First of all we'll try all means to cut emissions during our production process, such as utilising onshore power generation for offshore drilling," Chief Financial Officer Xie Weizhi said.

CNOOC Ltd is also working on ways to cut methane emissions together with its parent company which operates oil refining and liquefied natural gas import businesses.

CNOOC is China's largest LNG importer making up over half of the country's global purchases of the fuel.

Xie also said the company hoped its plan to raise 35 billion yuan (US$5.47 billion) on the Shanghai stock exchange, an alternative to counter U.S. sanctions that curbed its global financing, could be completed by year-end, though the process hinges on the regulatory process.

CNOOC reported its realised oil prices jumped 64per cent to US$70.4 per barrel, while gas prices gained 21per cent to US$7.08 per thousand cubic feet.

Total net production rose 9.9per cent year on year to 144.1 million barrels of oil equivalent, with domestic output up 13per cent to 100 million boe, as the state major continued to prioritise domestic drilling under a state call to boost supply security.

The domestic output growth came mainly from the Caofeidian 6-4 and Luda 21-2 oilfields as well as its fast expanding onshore unconventional gas fields, the firm said.

Overseas output rose 3.2per cent year on year, reversing a 4.6per cent cut a year earlier.

Third-quarter capital spending rose nearly 14per cent to 20.94 billion yuan.

(US$1 = 6.3970 Chinese yuan renminbi)

(Reporting by Chen Aizhu and Muyu Xu; editing by Jason Neely)

Source: Reuters

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