(Adds executive comment on natural gas)
By Chen Aizhu
SINGAPORE, Oct 22 (Reuters) - China's national offshore oil
and gas producer CNOOC Ltd 0883.HK said on Thursday it aims to
raise the share of natural gas to make up half of its total
output by 2035 to contribute to a national carbon neutral target
by 2060.
CNOOC will accelerate natural gas exploration and production
both in China and overseas, and also expand its offshore wind
power business as two key paths to cut greenhouse gas emissions,
Xie Weizhi, chief financial officer told reporters. Currently gas accounts for 21% of its production portfolio,
Xie said.
CNOOC said its third-quarter revenue fell 26.8% on year to
35.55 billion yuan ($5.32 billion)as weak oil prices overrode
the benefit of increased production. Realised oil prices fell 29% to $43.03 per barrel, while
gas prices gained 2% to $5.85 per thousand cubic feet, as
China's regulated gas prices are cushioned from the impact of
weak global oil prices.
Total net production rose 5.1% on year at 131.2 million
barrels of oil equivalent, bolstered by a robust 10.4% growth in
production at home as the state major prioritised spending in
domestic activities under a state call to boost supply security.
Overseas output, however, fell 4.6% on scalebacks in
projects like Nigeria's deepwater Egina and Longlake oil sands
in Canada.
During the period CNOOC began production from four new
domestic offshore projects, including three at Bohai Bay --
Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oilfield 6/11 area
and Bozhong 19-6 condensate gas field -- and Liuhua 16-2/Liuhua
20-2 in the Pearl River Mouth basin.
Near-term, gas production will be lifted by two sizeable
fields - the Lingshui 17-2 deepwater project in the south China
Sea slated for start-up in the second half of 2021 and the newly
started Bozhong condensate gas field.
Its third-quarter capital spending dropped 5.8% on year to
18.40 billion yuan, it said.
($1 = 6.6786 Chinese yuan renminbi)