Chinese oil and gas giant CNOOC has boosted its capital expenditure to a record high to support growth in its reserves and production.
China’s state-held oil and gas giant
raised its net oil and gas production in the third quarter and in the nine months of 2023, thanks to growing domestic output and production increases at projects offshore Guyana and Brazil, where ’s revenues for the third quarter rose by 5.5% year-on-year, but the net income slid by 8.13% to $4.6 billion 33.88 billion Chinese yuan amid lower oil and natural gas prices. The average realized oil price for the company was $83.20 per barrel, down by 13.2% compared to the third quarter of 2022, when international oil and gas prices were soaring amid the energy crisis and the Russian invasion of Ukraine.
reported an 11.3% decline in its net profit for the first half of 2023, too, as lower oil prices weighed on profitability.
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