CNOOC reports H1 production growth
China National Offshore Oil (CNOOC) on August 19 reported that total production of oil and natural gas improved 7.9% through June this year over the first half of 2020.
CNOOC reported net production of 278.1mn barrels of oil equivalent during the first half of 2021. Total oil and gas sales of $15.5bn marked a 51.7% improvement over the same period last year. Net profit came in at 33.33bn yuan ($5.13bn), up 221%.
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“In the first half of 2021, the company continued to increase reserves and production,” chairman Wang Dongjin said. “A total of nine new discoveries were made, and 14 oil and gas structures were successfully appraised.”
CNOOC in June started production at the offshore Lingshui 17-2 gas field in the South China Sea, saying it was “China’s first offshore large-sized independent deep water gas field,”
In May, the company started operations at the Liuhua 29-2 gas field, located in the eastern South China Sea.
CNOOC has a semi-submersible platform situated and associated subsea pipeline networks in place at the Lingshui 17-2 gas field. The company has 11 production wells planned and expects the field will achieve peak production of 328mn ft3/day in 2022.
“Looking forward to the second half of the year, with our concerted efforts and determination to forge ahead, we will remain committed to oil and gas reserves and production growth and high-quality development,” the chairman added.