InfoAnda - China's CNOOC Q3 revenue up 69 pct on higher oil price

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: China's CNOOC Q3 revenue up 69 pct on higher oil price Reuters - Wednesday, October 29 HONG KONG, Oct 28 - China's top offshore oil and gas producer, CNOOC Ltd <0883.HK>, produced 15.2 percent more oil and gas in the third quarter while total revenue rose 69 percent to 30.9 billion yuan on higher crude prices. Global crude oil prices <CLc1> fell from $140 per barrel in July to $100 in September, but they were still higher than the $70-80 level a year earlier. State-owned CNOOC <CEO.N> is hunting for overseas assets to meet demand from China, the world's largest oil consumer after the United States. CNOOC Ltd and domestic rival Sinopec Group, parent of Sinopec Corp <0386.HK><600028.SS><SNP.N>, are closing in on buying an Angolan oil field stake being sold by U.S. energy firm Marathon Oil <MRO.N>, a source with knowledge of the bidding said this month. CNOOC said in a statement that its overall output rose to 549,589 barrels of oil equivalent per day in the July to September period. Its average oil selling price was 58.7 percent higher at $106.94 per barrel in the quarter. CNOOC has set a target of producing about 15 percent more oil and gas to 195-199 million barrels of oil and gas equivalent this year. For more details of the operating data, please click on http://www.hkexnews.hk/listedco/listconews/sehk/20081028/LTN20081028299.pdf. Shares of CNOOC fell 34 percent in the third quarter, versus an 18 percent drop in the benchmark Hang Seng Index <.HSI>. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Gas exporters postpone Moscow Nov summitReuters - Wednesday, October 29 Oil prices firm after striking 17-month lowsAFP - Wednesday, October 29 China's CNOOC Q3 revenue up 69 pct on higher oil priceReuters - Wednesday, October 29 Oil falls below $63 as investors eye weak demandAP - Tuesday, October 28 Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 1 hour 3 minutes ago European stocks up after Dow surgeAP - 1 hour 15 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 17 minutes ago Oil bounces off 17-month lowAP - 1 hour 18 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 19 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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