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.