CNOOC reports results for first half

China National Offshore Oil Corp. Ltd. reported that its results in this year’s first half included 7 discoveries and 18 successful appraisal wells offshore China.

The Bozhong 8-4 discovery, CNOOC said, indicated an “important breakthrough” of Neogene from uplift to sag and created a new exploration area in the west slope of Bozhong sag. The Kenli 10-4 discovery uncovered a new area of exploration in the north slope of Laizhou bay sag, the company said.

Net oil and gas production year-on-year increased 23.1% to 198.1 million boe, with results including CNOOC’s completion of its acquisition of Nexen Inc. earlier this year (OGJ Online, Feb. 26, 2013). Without Nexen’s output, production growth was 7.7%, CNOOC said.

CNOOC’s average realized oil price dropped 10.9% to $104.20/bbl. The natural gas price declined 3.7% to $5.68/Mcf. With increased production, net profit reached ¥34.4 billion, a 7.9% increase. Oil and gas sales totaled ¥110.8 billion, an increase of 15.8%.

CNOOC said it is attempting to be listed on the Toronto Stock Exchange.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...