Chinese Cnooc Reports H1 Profit Jump
Chinese state-run Cnooc’s profit during six months to June (H1 2019) was yuan 30.25bn ($4.2bn), up 18.7% year on year, it said August 29.
Oil and gas production remained stable in the first half of the year, with a net production of 243mn barrels of oil equivalent, representing an increase of 2.1% year on year. Natural gas production was down 0.8% year on year to 245.5bn ft3. Cnooc said it made 16 new discoveries in H1 and 35 successful appraisal wells were drilled.
Total oil and gas sales were up 4.4% year on year to yuan 94.28bn. Realised oil price during H1 was down 4.1% year on year to $64.6/barrel while realised gas price was up 0.7% year on year to $6.46/m ft3, the company said.
For the full year Cnooc expects to produce 480-490mn boe with six new projects to come on stream in 2019.