Cnooc's 1H2018 Profit Jumps
Chinese state-owned Cnooc reported August 23 its first-half net income had gone up 57% year on year to yuan 25.48bn ($3.7bn), thanks to improved efficiencies and higher energy prices. The company achieved an average oil price of $67.36/b, up 33.6% year on year; the average gas price was $6.42/’000 ft3, up 13% year on year.
Total production was 238.1mn barrels of oil equivalent, up just 0.1% year on year, Cnooc said. Natural gas production increased by 11% year on year. “The successful appraisal of Bozhong 19-6, the largest gas field in Bohai, as well as the development and construction of Lingshui 17-2, the first independent deepwater gas field in offshore China, opened up a new era for the company’s natural gas business,” chairman Yang Hua said.
Cnooc said that the external environment is still complicated and volatile, with many uncertainties ahead.