Oct 24 Reuters Chinese national offshore oil and gas major CNOOC Ltd, on Tuesday posted an 8.13 fall in third quarter profit on lower realised oil prices despite higher output.

Net profit fell to 33.88 billion yuan 4.64 billion, CNOOC said in a filing to the Hong Kong Stock Exchange.

The listed arm of statebacked CNOOC Group reported a 5.5 yearonyear increase in revenue to 114.8 billion yuan.

Global oil prices have fallen since last year, having spiked in the immediate aftermath of Russia39;s invasion of Ukraine in February 2022, though prices for key benchmarks Brent and WTI did rise steadily through much of the third quarter.

The company39;s reported realised oil price for the JulySeptember period was 13 lower at 83.2 versus a year earlier.

CNOOC39;s total net oil and gas production rose 7 on the year to 167.8 million barrels of oil equivalent boe during the third quarter.

Between January and September, net production from China gained 6.7 on the year to 345.5 million boe, while overseas production grew by nearly 12 to 154.1 million boe, thanks to production growth from operations in Guyana and Brazil.

The company has set a production target of a record 650 million to 660 million boe for 2023, as part of its mediumterm goal of a 6 increase in average annual production by 2025.

Maintaining its status as one of the world39;s most costefficient producers, allin production costs for the first three quarters were 28.37 per barrel, down 6.3 on the same period last…