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.

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