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15

CNOOC Profit Surged On Oil Prices, Good Management

China National Offshore Oil Company Limited announced Tuesday that its net profit surged

China National Offshore Oil Company Limited announced Tuesday that its net profit surged 68.6 percent year on year to a historical high of $1.46 billion in the first half of 2005.

The company's net production increased 14.9 percent from the same period of last year to 420,325 bpd during the period.

For the period, CNOOC Ltd.'s oil and gas sales increased 54 percent to $3.1 billion, as a result of both production growth and a year-on-year increase of 36.4 percent in realized oil price to $43.91.

In the first six months of 2005, CNOOC produced approximately 356,826 barrels of oil and 369 million cubic feet of natural gas per day.

"Both the high oil price environment and well managed operation contributed to CNOOC Ltd.'s record results," said Fu Chengyu, Chairman and CEO of CNOOC Ltd.