CNOOC's 3Q net output flat at 103m BOE; sales down 4.6%

    CNOOC Limited (00883) said it achieved total net production of 103 million barrels of oil equivalent (BOE) for the third quarter of 2014, roughly flat from the third quarter of 2013.
  Production from Bohai of offshore China maintained steady growth, while overseas production decreased slightly due to maintenance at the Buzzard oilfield in the U.K. North Sea.
  For the third quarter of 2014, it made one new discovery and drilled nine successful appraisal wells offshore China. Among them, Jinzhou 23-2 is a mid-to-large sized new discovery with excellent geological condition, and with successful appraisal, Luda 21-2 structure is expected to be developed into a large-sized oil and gas field.
  In addition, CNOOC and its partner Shell made a large-sized deepwater gas discovery Leopard offshore Gabon.
  The unaudited oil and gas sales revenue of the company reached RMB53.57 billion for the third quarter of 2014, representing a decrease of 4.6% year over year, mainly due to the decrease of the average realized oil price.
  During the period, its average realized oil price decreased 6.8% to US$98.98 per barrel, mainly due to the lower international oil prices. The company's average realized gas price was US$6.61 per thousand cubic feet, representing an increase of 21.7%, mainly due to the price increase with certain customers in China and higher realized gas price overseas.
  For the third quarter of 2014, the company's capital expenditure reached RMB26.33 billion, representing an increase of 19.6%, mainly attributable to the increase of the
development projects and higher costs of deepwater exploration overseas.