China’s CNOOC rakes in record first-half profit on high oil prices amid Iran war
China’s largest offshore oil and gas producer saw net profits jump over 23 per cent in the first half amid turbulence in the Middle East
China National Offshore Oil Corporation (CNOOC), the nation’s largest offshore oil and gas producer, saw its net profit jump 23.4 per cent to a record high in the first half of the year, as higher oil prices and increased production boosted earnings amid the Iran war.
The company’s net profit rose to 85.8 billion yuan (US$12.7 billion) in the six months ended June, up from 69.5 billion yuan a year earlier, according to an exchange filing on Wednesday. Revenue increased 16.9 per cent to 242.7 billion yuan, also a record high for any interim period, the filing showed.
CNOOC’s oil and gas sales rose 20 per cent to 206.1 billion yuan during the period, while net production increased by a more modest 3.7 per cent to a record 398.7 million barrels of oil equivalent.
“In the second half of the year, we will stay focused on our annual production and operation targets, spare no effort to increase reserves and production, intensify research on core technologies, steadily grow our new energy business, further tap the potential for quality and efficiency enhancement, and strictly uphold the bottom line of safety and environmental protection,” said Zhang Chuanjiang, the company’s chairman, in the interim report.