CNOOC reported third-quarter oil and gas sales revenue rose year-on-year

CNOOC’s third-quarter financial report released on the 24th showed that the sales revenue of oil and gas was about 48.44 billion yuan, an increase of 4.7% year-on-year, mainly due to the increase in oil and gas production.

Recently, some investors have filed a class action lawsuit against the South District Court in New York City for dissatisfaction with the company and ConocoPhillips for allegedly publishing false and misleading information. Zhang Yuxiao, deputy manager of media and public relations at CNOOC, said, “We think he is a baseless allegation. We will also dismiss all of his allegations one by one. At the same time, the company will defend one by one to safeguard the interests of the company.”

According to Lin Boqiang, director of the Energy Center of Xiamen University, this case is very likely not to be able to go to court and eventually settle out of court. "This is not a matter of prosecution right now. Well, in fact, it is entirely possible that CNOOC is being defamed. No. Well, I just said that it is this kind of prosecution that is common in foreign countries, and in many cases it is nothing. Therefore, since it is currently not in court, CNOOC is currently in court and it has not lost. You can't say that CNOOC is not right without losing."

Zhong Hua, the chief financial officer of CNOOC, said in an interview yesterday that he did not comment on the acquisition and is now submitting materials. If it is successful, the project will be delivered by the end of the year.

From the release of the third quarter financial report by CNOOC, whether in the third quarter or the fourth quarter, CNOOC Ltd. can be described as having a good harvest. The third quarter financial report shows that the company achieved a net production of 87.8 million barrels of oil equivalent, mainly due to the new production. The project and new development wells will contribute to the production, the output of overseas projects will continue to increase, and the output of the oil and gas fields will be stable. In the third quarter, the company's oil and gas sales revenue was approximately 48.44 billion yuan, a year-on-year increase of 4.7%, mainly due to the increase in oil and gas production.

This undoubtedly strengthened CNOOC’s acquisition of gas. Zhong Hua, Chief Financial Officer of CNOOC Limited, said: “The output of us was 248.7 million barrels at the end of September. This was cumulatively completed from January to September. Now our goal for the whole year is to complete 335 to 345. From this trend, Our output growth in the fourth quarter will also be very strong, so there is no doubt that we will see an increase in the fourth quarter.

Wang Zhen, Dean of the School of Business Administration of China University of Petroleum, believes that the Canadian government has recently rejected Malaysia’s more than 5 billion Canadian energy purchases. In order to balance international influences, CNOOC’s acquisition of Nexen will bring a beneficial side: “If Canada does not approve anything, so this may affect international investors' interest in Canadian oil sand, an unconventional oil asset, so I think in this sense, Canada may balance various forces."

According to Lin Boqiang, director of the Energy Economics Research Center at Xiamen University, China and Canada are now in a situation where resources and economic conditions are complementary, and this time, the acquisition is likely to succeed. "Because of the strong complementarity between Canada and China, Canada's past oil market was mainly the United States. Currently, due to the United States' energy independence and the development of shale gas in the United States, Canada may have to re-find its partners. China is short of resources. Complementarity between the two countries is still relatively strong. If it is stronger, this kind of acquisition will surely happen sooner or later. Even if this is not successful, there will be another success in the next time."