Revenue in the third quarter of 2017 Chinese oil company CNOOC (China National Offshore Oil Co.) advanced thanks to higher prices of oil and natural gas. The coming and going of the scale of oil is beginning to positively impact businesses. That's because world production is falling thanks to cuts made by OPEC and, as a result, prices are rising. Exciting news for the industry.
The profit for the core business of oil and gas in the quarter ended Sept. 30 increased to 35.94 billion yuan (5.41 billion dollars), up 16,9% to the 30.7 billion a year ago, marking the best finish for a third quarter since 2015 , said the company on Wednesday.
Capital expenditure in the third quarter were stable compared with those of a year ago, at 11.8 billion yuan. In the first nine months of the year, CNOOC spent only 33.18 billion yuan, half of the goal for the whole year.
In general terms, the company's revenues increased in the quarter due to higher prices for oil and gas, which offset a smaller production in the period. Natural gas sales grew 22% in production and higher prices.
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