CNOOC, the Chinese state energy giant focused on offshore and overseas exploration and production, reported a 27-percent drop in revenues for the third quarter, as quoted by Reuters, as business got pressured by low oil prices. Production of oil increased during the reporting period, but the price war started by Saudi Arabia in early spring, and the effects of the coronavirus pandemic on oil demand had a severe effect on sales. The realized oil prices of CNOOC averaged $43.03 a barrel during the third quarter, the company said in a regulatory filing, while production rose by 29 percent to 131.2 million barrels of oil equivalent in the period. Domestic production, in particular, grew by a sizeable 10.4 percent. This, however, did not help revenues. While it boosted domestic production following a government call to all state oil majors to increase China’s self-reliance on oil, CNOOC curbed production overseas in […]