High Prices And Output Growth Push CNC Q3 Sales Up 25%

October 2006 | Company Finance Alert

China National Offshore Oil Corporation (CNC), the country's largest offshore oil and gas producer, has posted Q3 results showing an growth in sales to CNY18.6bn (US$2.4bn), a 25% increase year-on-year (y-o-y). Growth has been driven by a 7.5% increase in oil and gas output and higher realised oil and natural gas prices. As prices slide and production growth slows, BMI thinks it will be a challenge, albeit an achievable one, for CNC to meet its ambitious year-end

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