CNOOC profit plunges

China’s CNOOC said it net profit dropped 56 percent to RMB14.73 billion in the first half of 2015 as compared to the same period last year.

According to a statement by CNOOC, due to the substantial decline in realized oil prices, the company’s oil and gas sales revenue were RMB77.03 billion in the period, representing a decline of 34.2 percent on year.

CNNOC said its average realized oil price was US$57.53 per barrel in the first half of 2015, representing a decline of 45.9 percent on year, while the average realized natural gas price rose by 1.7 percent to US$6.55 per thousand cubic feet.

For the first half of the year, the company’s total net oil and gas production reached 240.1 million BOE, up 13.5 percent, primarily due to the production contribution from newly commenced projects in Bohai and the Eastern South China Sea.

CNOOC’s 2015 full year production target of 475-495 million BOE remains unchanged.

1 RMB = 0.155903 USD

LNG World News Staff; Image: CNOOC