China National Offshore Oil Company (CNOOC) announced on October 26 that its unaudited sales revenues climbed 23.7 percent year on year to 46.26 billion yuan (6.66 billion U.S. dollars) in the third quarter due to surging oil and gas prices.

In a statement posted on its website, China's biggest offshore oil producer said the average price for its crude oil sales in the third quarter jumped 50.3 percent from the same period last year to 112.04 U.S. dollars per barrel, while its realized gas price rose 20 percent year on year.

The company's net production during the period was down 9.1 percent from a year earlier to 80.9 million barrels of oil equivalent (BOE), as production levels in several oil fields have decreased naturally and a June oil spill in north China's Bohai Bay forced the company to temporarily suspend production, the statement said.

Source: Xinhua