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39

China’s CNOOC returned to profit in the 1st half of 2017

The company’s net production of oil and gas during the period amounted to 237.9 million barrels of oil equivalent.

China’s CNOOC returned to profit in the 1st half of 2017 China’s CNOOC returned to profit in the 1st half of 2017


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, Cnooc reported on August 24, 2017.

 

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 1st 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 $11.3 billion, representing an increase of 36.1% YoY from $8.3 billion in the 1st half of 2016.

 

Due to further cost-control efforts, the company’s all-in cost for the 1st 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 1st half of the year amounted to $2.4 billion, compared to a loss of $1.16 billion in the 1st half of 2016.

To date, four out of 5 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.

 

Source : Neftegaz.RU