CNOOC sees 1H profit tumble 56%

China’s CNOOC Limited reported its net profit for the first half of 2015 fell 56.1% to 14.73 billion Chinese yuan ($2.3 billion). Revenues were 77.03 billion Chinese yuan ($12.3 billion) down 34.2% from the same period last year.

The company said the numbers were down due to the substantial decline in realized oil prices. CNOOC’s average realized oil price was $57.53 per barrel in the first half of 2015, representing a decline of 45.9% year over year, while the average realized natural gas price rose by 1.7% from the same period a year ago to $6.55 per thousand cubic feet.

CNOOC’s production net oil and gas production reached 240.1 million BOE, up 13.5% year over year, primarily due to the production contribution from newly started projects in Bohai and the Eastern South China Sea.

Production from offshore China rose by 19.1% yoy to 156.3 million BOE and production from overseas was 83.9 million BOE, up 4.4% from the corresponding period in 2014. The Company’s 2015 full year production target of 475-495 million BOE remains unchanged.

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