CCNOOC Ltd, China’s largest offshore oil and gas producer, more than doubled its first-half profit boosted by rising oil and gas prices. Interim net income rose 116% to 71.89 billion yuan ($10.50 billion) while revenue rose 75.6% to 176.7 billion.
CNOOC’s net oil and gas production hit a record high 304.8 million barrels of oil equivalent (boe), up 9.6% on year, 71% of which came from domestic operations. Its domestic net output rose 12.5% to 216.8 million boe, thanks to large projects such as deepwater gas field Shenhai-1 in the South China Sea, Bozhong 19-4 in Bohai Bay in northern China, as well as coalseam gas development in northern China.
First-half capital expenditure rose 15.4% to 41.6 billion yuan while the year’s plan stands at 90-100 billion yuan. Its overseas production, including operations such as in Guyana and Brazil, grew 3% at 88 million boe.