CNOOC Sees 1H Profit Soar

Muyu Xu and Chen Aizhu
Thursday, August 19, 2021

China's top offshore oil and gas driller CNOOC Ltd said on Thursday its first-half net profit more than tripled from a low base last year, supported by rebounding oil prices and recovering energy demand after the pandemic.

CNOOC Ltd, a listed branch of China National Offshore Oil Corp, said net profit reached 33.33 billion yuan ($5.13 billion), up 221% from a year ago and from 25.48 billion yuan in 2019. It was the highest profit since the first half of 2014.

Revenue in the first half of 2021 jumped 48% from a year earlier to 110.23 billion yuan, following a 52% rise in oil and gas sales.

Benchmark WTI prices, which plunged to below zero at one point in April last year, hovered near $70 a barrel in the second quarter of 2021.

CNOOC, one of the industry's lowest-cost explorers and producers, said its all-in production cost was $28.98 per barrel, up from $26.34 in 2020, due to "rising commodity prices and other factors".

Oil and gas production hit a fresh record high of 278.1 million barrels of oil equivalent (boe), up 7.9% year on year, boosted by several new projects in Bohai Bay and the South China Sea.

CNOOC also started operations at Lingshui 17-2, an ultra-deep field in the South China Sea with proven reserves of 100 billion cubic meters, in June.

The company plans capital spending in 2021 of 90-100 billion yuan, the highest level since 2014, and has set a target to churn out 528 million boe of oil and gas this year.

Its capital expenditure in the first half was 36 billion yuan.

The company announced a dividend of HK$0.30 per share. ($1 = 6.4954 Chinese yuan renminbi)

(Reporting by Muyu Xu and Chen Aizhu; Editing by Susan Fenton)


Categories: Finance Energy Industry News Activity Production Asia

Related Stories

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

CNOOC’s South China Sea Oil Field Goes On Stream

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

Kuwaiti Oil and Gas Firm Exploring More Opportunities in Indonesia's Natuna Sea

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Harbour Energy, Mubadala Sign Deals for Central Andaman Block Off Indonesia

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Yinson and PetroVietnam JV Get FSO Contract for Vietnamese Field

Current News

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com