CNOOC Produces 87.8 Million Barrels of Oil Equivalent in Q3; Expects "Strong" Q4 Growth Momentum to Boost Annual Production
CNOOC Limited ( CEO ) has achieved a total net production of 87.8 million barrels of oil equivalent ( BOE ) for the third quarter 2012, helped by new projects, overseas production, and performance of oil and gas fields. Capital expenditure was approximately RMB15 billion, representing an increase of 46.7% year-on-year, primarily due to the busy development projects and extensive exploration activities.
The company expects the annual production volume to reach 335-345 million BOE primarily due to the "strong growth momentum" of the fourth quarter.
CEO closed in the red at $204.06 yesterday.