China's CNOOC H1 profit soars 51.4% on better sales, output

24 August 2011 11:05  [Source: ICIS news]

SHANGHAI (ICIS)--China National Offshore Oil Corp (CNOOC) reported on Wednesday a 51.4% year-on-year surge in first-half 2011 net profit to yuan (CNY) 39.34bn ($6.2bn), in line with higher revenue and production.

Its total net oil and gas production stood at 168.7m barrels of oil equivalent (BOE) for the period, representing a 12.9% increase from the same period last year, CNOOC said in a statement.

New oilfields and development wells helped boost overall earnings, the company said, adding that oil and gas sales revenue for January-June 2011 surged 45% year on year to CNY97bn.

CNOOC said its operating cost for the period fell 3.8% year on year to $7.00/bbl.

($1 = CNY 6.39)


By: Dolly Wu
+65 6780 4359



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