22 March 2013 09:32 [Source: ICIS news]
SINGAPORE (ICIS)--CNOOC Ltd, the listed arm of China National Offshore Oil Corp (CNOOC), said on Friday its net profit in 2012 fell by 9.3% year on year to yuan (CNY) 63.7bn ($10.2bn) due to higher costs and more investments in exploration.
Its revenue for the full year of 2012 rose by 2.9% to CNY194.8bn, while operating profits in the year dropped by 3.9% to CNY87.1bn.
Its production of oil and gas in 2012 increased 3.2% to 342.4m tonnes of oil equivalent (toe), while sales of the materials expanded by 2.7% to 322.6m toe, according to the company.
In 2012, the company’s realised prices of crude oil and natural gas stood at $110.48/bbl and $5.77/thousand cubic feet respectively, up by 0.7% and 12.0%, respectively.
Its all-in cost increased 16.8% to $35.73/bbl in 2012, primarily because of higher resource taxes.
CNOOC Ltd’s production target in 2013 is 338m-348m toe, according to the company.
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