China’s major oil firms report weaker financial results for Q3
Meanwhile, Sinopec’s net profit dipped more dramatically in the third quarter. The company reported a CNY1.64 billion ($259 million) net income, down around 91.5% from the same period of 2014.
Similarly, CNOOC Limited reported that its oil and gas sales revenue plunged 32.2% from a year earlier to around CNY6.25 billion ($987 million) in the July-September period. However, the company’s total net production in the third quarter climbed 23.8% on the year to 127.5 million barrels of oil per day (bpd). Net production from offshore China reached 83.3 million bpd, up 28.2% from a year earlier owing to higher production from newly commenced projects in Bohai and the Eastern South China Sea.
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