Cnooc Posts 5.2% Rise In Q3 Revenue, Raises 2012 Output Forecast

Cnooc Ltd

reported a 5.2% rise in its Q3 revenue and lifted its 2012 net oil and gas output forecast. Cnooc's quarterly revenue climbed to 48.96 billion yuan (US$7.73 billion), versus CNY46.52 billion, in the year-ago period. Its total net oil and gas output increased 8.5% to 87.8 million barrels of oil equivalent, versus 80.9 million. In 2012, Cnooc projects to produce 335 million to 345 million barrels of oil equivalent, versus its earlier forecast of 330 million to 340 million. Cnooc shares closed at $204.06 yesterday.