CNOOC sets record H1 profit at $3.83bn on strong production

19 August 2010 11:08  [Source: ICIS news]

SHANGHAI (ICIS)--CNOOC, China’s largest offshore oil and gas producer, said on Thursday its first-half net profit more than doubled to a record yuan(CNY) 25.99bn ($3.83bn) due to a combination of strong production and higher international oil prices.

“Benefiting greatly from the strong production growth and the higher international oil price, the company achieved a record performance,” said CNOOC’s outgoing CEO Fu Chengyu in a statement.

Fu is the concurrent chairman of the company – a position he would retain when he steps down as CEO on 16 September, CNOOC said in a separate statement.

In the January-to-June period, company revenues also doubled to CNY83.16bn, CNOOC said.

Net production of oil and gas surged 40.8% year on year to 149m barrels of oil equivalent (BOE), mainly driven by new projects, as well as the outstanding performance of major producing fields, the company said.

Its average realized oil price for the six-month period was $76.59/bbl (€59.74/bbl), representing a 55.2% surge from levels over the same period last year, while production cost per barrel slipped 15.3% year on year to US$6.8/bbl, CNOOC said.

Meanwhile, CNOOC had appointed Yang Hua, the incumbent president and chief financial officer of the company, as Fu’s successor as company CEO and the new vice chairman of the board.

Yang’s position as company president would be taken over by incumbent vice president Li Fanrong, effective 16 September, CNOOC said.

($1=CNY6.79/ $1 = €0.78)

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By: Judith Wang
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