Chinese Cnooc Returns to Profit in 1H 2017
Chinese offshore oil and gas producer Cnooc August 24 reported a net profit of yuan 16.25bn ($2.44bn) in the first half of 2017, compared with a loss of yuan 7.7bn in the same period last year, as realised oil and gas price rose and costs declined.
In 1H 2017, the company's average realised oil price was $50.43/b, up 33.8% year on year. The average realised natural gas price increased by 3.5% year on year to $5.68/’000 ft3. Cnooc’s all-in cost for the 1H of 2017 was $31.74/boe, representing a decrease of 9% year on year. Its operating expense was $7.16/boe, representing a decrease of 3.5% year on year.
The company's oil and gas sales revenue reached yuan 74.94bn, up 36.1% from the same period last year.
Its total 1H oil and gas production fell 1.5% year on year to 237.9mn boe, the company said.
Shardul Sharma