CNOOC reported record-high Q3 profits due to surging oil and gas production, defying lower international oil prices by focusing on exploration and cost control.
Despite lower international oil prices, Chinese state-held oil and gas giant
which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $5.2 billion 36.93 billion Chinese yuan for the third quarter, up by 9% compared to the same period of 2023. ’s net profit was mostly attributed to record-high production and cost controls, more than offsetting weaker oil prices on international markets, which have reflected weaker Chinese oil demand than previously expected. For the first nine months of the year,
said. Net production rose by 8.5% year-over-year to 542.1 million barrels of oil equivalent boe, with output in China up by 6.8% to 369.2 million boe, mainly due to the production contribution from oil and gas fields such as Bozhong 19-6 and Enping 20-4.
Oil And Gas Profit Production China Offshore Refining Cost Control International Oil Prices Domestic Production
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