Sinopec's 1H Profit Up 41%

Chinese Sinopec August 27 reported net profit for the six months that ended June 30 of yuan 27.1bn ($4bn), up by 40.7% year on year.

Production in 1H of 2017 was 221.38mn barrels of oil equivalent, up by 1.1% year on year, of which domestic crude production was 123.16mn barrels, overseas crude production was 22.82mn barrels, and total gas production was 452.12bn ft³, up 16.3% on the same period of last year.

The company said it attached great importance to the development of natural gas and actively promoted second phase of Fuling shale gas development project. 

In 1H 2017, operating revenues of the E&P segment were yuan 74.1bn, representing an increase of 41.1% year on year. This was mainly due to increased crude oil prices and the expanded LNG business, Sinopec said.

Sinopec added that in 2H 2017, it plans to produce 148mn barrels of crude oil, of which domestic production will account for 125mn barrels and overseas production will account for 23mn barrels. It plans to produce 427.5bn ft³ of natural gas during the period – little changed on the first half.

Shardul Sharma