News Column

CNOOC H1 Revenue, Net Fell on Increased Cost

August 29, 2014

HONG KONG, August 29, SinoCast -- CNOOC (SEHK: 0883) reaped revenue of CNY 138.8 billion in the first half of 2014, down 0.2% from about CNY 139 billion a year ago. Net profit fell 2.3% from about CNY 34.38 billion to CNY 33.59 billion.

Net oil and gas output hit 211.6 million barrels of oil equivalent, up 6.8% on increased output of the Canadian Long Lake project, the US Eagle Ford project, and the Iraqi Maysan oilfield cluster project. Related sales revenue rose 5.7% to CNY 117.1 billion. Oil cost inched up by 2% to USD 43.2 per barrel of oil equivalent and this caused net profit to fall 2.3%.

It had eight new exploration discoveries in China waters and gained 20 successful-evaluation wells.

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Source: Sinocast Energy Beat (China)

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