Higher oil & gas revenues take Chinese producer back to black

China’s oil and gas producer CNOOC Limited has returned to profit in the first half of the year pushed up by 36% increase in oil and gas sales revenues, higher oil prices and further cost-cutting efforts. 

The company’s net production of oil and gas during the period amounted to 237.9 million barrels of oil equivalent (boe), completing 52% of full-year target. Compared to the same period last year, the Chinese company’s output decreased from 241.5 mmboe or dropped by 1.5%.

CNOOC’s full year production target of 450-460 mmboe remains unchanged.

In the first half of 2017, the company’s average realized oil price was $50.43 per barrel, representing an increase of 33.8% year-on-year (YoY). The average realized natural gas price increased by 3.5% YoY to $5.68 per thousand cubic feet.

The company’s oil and gas sales revenue reached RMB 74.94 billion ($11.3 billion), representing an increase of 36.1% YoY from RMB 55.08 billion ($8.3 billion) in the first half of 2016.

Due to further cost-control efforts, the company’s all-in cost for the first half of the year was $31.74/BOE, representing a decrease of 9% YoY. Operating expense was $7.16/BOE, representing a decrease of 3.5% YoY.

The company’s net profit for the first half of the year amounted to RMB 16.25 billion ($2.4 billion), compared to a loss of RMB 7.7 billion ($1.16 billion) in the first half of 2016.

To date, four out of five new projects planned for 2017 have already started production and another project, Weizhou 12-2 oil field phase II, is also progressing smoothly, the company said.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on August 24, 2017 with tags , .

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply