It is reported that China Oilfield Services posted a 23.7%YoY increase in revenue from oil and gas sales in the third quarter to CNY 46.26 billion.

During the reporting period, the prices of oil and gas rose 50.3%YoY and 20%YoY to USD 112.04 per barrel and USD 5.18 per thousand cubic feet. Net oil output dropped 9.1%YoY to 80.9 million barrels of oil equivalent in the third quarter.

Output of crude oil dropped 12.8%YoY to 61.4 million barrels while that of natural gas increased 5.8% to 114 billion cubic feet.

According to the company, the drop in crude oil output resulted from the suspension of the operations of its Penglai 19-3 oilfield in the Bohai Sea region and the decline in the output from some existing oilfields.

Capital expenditure increased 28.8%YoY to CNY 10.55 billion in the third quarter due to a higher number of exploration and prospecting projects.

(Sourced from yicai.com)