10-24-13 4:55 AM EDT | Email Article
  By Yvonne Lee 
 

HONG KONG--Cnooc Ltd.'s (0883.HK) third-quarter revenue rose 17% on year thanks to stronger oil and gas output overseas following the acquisition of Canada's Nexen Inc., it said on Thursday.

Revenue for the three months ended Sept. 30 rose to 57.35 billion yuan (US$9.3 billion) from 48.96 billion yuan as net crude-oil and gas output rose 18% on higher contributions from its North American and European operations, China's biggest offshore oil and gas producer by output said. It didn't disclose third-quarter net profit.

Production was 103.4 million barrels of oil equivalent--up from 87.8 million barrels of oil equivalent. The average selling price of its crude oil tracked strength in the international market to increase 1.5% to $106.26 a barrel.

Capital expenditure rose to 22.4 billion yuan from 15.0 billion yuan, it said.

Cnooc aims for production of 338 million-348 million BOE this year with Nexen's contribution likely to reach 59 million BOE. Cnooc, a unit of China National Offshore Oil Corp., is seeking compound annual oil and gas output growth of 6%-10% between 2011 and 2015.

Acquiring Nexen secured Cnooc oil and gas reserves in western Canada, the North Sea, the Gulf of Mexico and offshore Nigeria. The deal is expected to boost output by about 20% and enlarge its oil and gas reserves by nearly a third, it said last year.

On Tuesday Cnooc and partners China National Petroleum Corp., Royal Dutch Shell PLC, France's Total SA and Brazil's state-owned Petroleo Brasileiro SA, or Petrobras, won an auction to develop the Libra oil field in Brazil. Cnooc owns 10% of the project.

 

Write to Yvonne Lee at yvonne.lee@wsj.com

 

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(END) Dow Jones Newswires

October 24, 2013 04:55 ET (08:55 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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