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.
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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.
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