CNOOC/Nexen Q3 2017 Highlights
- For the third quarter of the year, the Company achieved a total net production of 116.2 million barrels of oil equivalent (“BOE”), representing a decrease of 1.3% year over year (“YoY”).
- During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.
- For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices.
For the third quarter of the year, the Company’s capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.