China Knowledge reported that CNOOC Ltd the largest offshore oil company in China reaped CNY 46.52 billion in revenue in the third quarter of this year up by 23%YoY from CNY 37.84 billion.

In the three-month period ended September 30 2011, CNOOC saw its output reach 80.90 million barrels of oil equivalent or BOE down by 9%YoY from 89 million BOE partly dragged down by suspension on an oilfield in the Bohai Sea.

The Chinese offshore oil company said average crude oil price for the third quarter surged 50.3%YoY to USD 112.04 per barrel, adding that average price of natural gas was USD 5.18 per 1,000 cubic feet up by 20%YoY.

CNOOC said its capital expenditure for the reporting period totalled around CNY 10.55 billion up by 28.8%YoY partly due to increased oil projects.

(Sourced from China Knowledge)