China's CNOOC H1 net profit falls by 19% on lower production

21 August 2012 08:19  [Source: ICIS news]

SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) said on Tuesday its net profit in the first half of 2012 fell by 19% year on year to yuan (CNY) 31.9bn ($5bn) mainly because of a shutdown of an offshore oil field following a spill.

The company’s oil and gas production in the six months period declined 4.6% year on year to 160.9m barrels of oil equivalent (BOE) because of the shutdown of its biggest offshore oil field Penglai.

The company’s “all-in cost” increased 13.1% on year to $34.60/bbl amid rising industry costs and structural change in the company’s asset portfolio, CNOOC said in a statement but did not explain those changes. 

"During the first half of the year, downward pressure for the world's economic growth was mounting as Europe's debt crisis continued to deepen and international oil prices decreased significantly from a high level," the statement quoted chief executive Li Fanrong as saying.

CNOOC’s average realized oil and natural gas prices reached $116.91/bbl and $5.90 per thousand cubic feet respectively in the first half year, up by 8.1% and 20.0% respectively from the same period in 2011.

The company said that it was confident to achieve its production target of 330-340m BOE for whole 2012.


By: Fanny Zhang
+65 6780 4359

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