CNOOC’s net profit drops 33.6% to $4.32bn on crude oil fall

31 March 2010 12:48  [Source: ICIS news]

SHANGHAI (ICIS news)-- China’s top offshore oil and gas producer CNOOC Limited said on Wednesday its net profit for the financial year of 2009 dropped 33.6% year-on-year to yuan (CNY) 29.5bn ($4.32bn) primarily due to a significant decline in the international oil price.

For the year ended 31 December 2009, the company’s total revenue was CNY105.2bn, representing a 16.5% decrease over the previous year, CNOOC said in a disclosure to the Hong Kong Stock Exchange.

The company’s oil and gas sales decreased 16.8% to CNY83.9bn in 2009 from CNY100.8bn in 2008, primarily as a result of significantly lower average realised oil prices in 2009, according to the disclosure.

CNOOC said in the filing the average realised price in 2009 for its crude oil decreased by 32.2% to $60.61/barrel compared with 2008, while the average realised price for its natural gas increased 4.7% to $4.01 per thousand cubic feet.

The company’s net production of oil and gas in 2009 rose 17.2% year-on-year to 227.7m barrels of oil equivalent (BOE), it added.

“In 2010, we aim to increase our production by 21%-28%, and after then will continue such growth at a compound annual rate of 6%-10% for the next five years,” said Fu Chengyu, chairman and CEO of the company.

($1=CNY6.83)

Read John Richardson’s Asian Chemical Connections blog

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