CNOOC more than doubles net profit in Q1
Chinese state-owned energy company CNOOC on April 28 said its net profit more than doubled in the first three months of the year (Q1) due to higher realised oil and gas prices.
The company’s net income was up 132% year/year to reach 34.3bn yuan ($5.2bn) while the revenue rose 74% yr/yr to 90.9bn yuan. Realised oil price was up 65% yr/yr to $97.47/barrel and the average gas price rose 24% yr/yr, CNOOC said.
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CNOOC achieved a total net production of 151mn barrels of oil equivalent (boe) for the first quarter, representing an increase of 9.64% yr/yr. Production from China increased by 15.4% yr/yr to 109.3mn boe.
In Q1, the company made four new discoveries and drilled thirteen successful appraisal wells. Among them, Bozhong 26-6 and Bozhong 19-2 in offshore China have achieved major breakthroughs and are expected to become large to medium-sized oilfields, it said. Overseas, the new discoveries of Fangtooth and Lau Lau were made in the Stabroek block in Guyana.