CNOOC quarterly sales drop 15% as output falls

Hong Kong

CNOOC Ltd, China's biggest offshore oil and gas producer, posted a 15 per cent fall in third-quarter sales as output declined with capital spending. Shares led declines among energy companies in Asia on Thursday.

Revenue from oil and natural gas was 30.75 billion yuan (S$6.3 billion) in the three months ended Sept 30, the Beijing-based company said in a statement to the Hong Kong stock exchange on Wednesday. CNOOC, which doesn't report quarterly profit, said that output fell 7.7 per cent.