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News // Companies

CNOOC reported a 57 % jump in its net profit for the 1st half of 2018

24 August 2018 , 10:11Neftegaz.RU539

Beijing, August 24 - Neftegaz.RU. China’s offshore oil % gas firm CNOOC announced that its profits climbed 57 % year-on-year in the 1st half of 2018, boosted by higher crude prices and robust gas sales.


CNOOC´s consolidated net profit jump to $3.71 billion in H1 2018, boosted by increased gas sales and higher oil prices compared to last year. Oil and gas sales revenue rose by 20.5 % annually to $13.14 billion.


The company’s net production for the 1st half this year came in at 238.1 million barrels of oil equivalent (boe), only 0.1 % higher than the production for the 1st half of 2017.


Natural gas production rose by 11 %. However, crude oil production in China decreased to 128 million boe from 134 million boe, due to maintenance of 2 drilling ships and declining production at the ageing Bohai field, Reuters quoted a company official as saying at the earnings press conference.


«Looking forward to the 2nd half of the year, the external environment is still complicated and volatile, with many uncertainties ahead. The company will continue to maintain its confidence and make solid progress to achieve its major production and operation targets for the year,» said CNOOC CEO Yang Hua.



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