The CNOOC logo at its booth during the China International Fair for Trade in Services, in Beijing, on Sept. 1, 2022.Florence Lo/Reuters
Chinese offshore oil and gas major CNOC posted record first-half profit on Thursday, boosted by output growth and higher oil prices.
Net profit attributable to shareholders rose 25 per cent to 79.73 billion yuan ($11.19-billion), CNOOC said in a filing with the Hong Kong Stock Exchange.
CNOOC’s net production of oil and gas increased by 9.3 per cent to 362.6 million barrels of oil equivalent as it expanded its reserve base.
Key discoveries during the reporting period included Lingshui 36-1 in the South China Sea, its first ultra-deepwater gas field, and the Bozhong 26-6 and Penglai 9-1 oilfields. Overseas, CNOOC announced a more than 100 million metric ton oil and gas discovery at the Bluefin field at the Stabroek block in Guyana.
The Enping 21-4 oil field set records for offshore drilling depth, CNOOC added. Well depth there exceeded 9,500 meters, the company said in June.
The value of its oil and gas sales jumped 22 per cent to 185.11 billion yuan. Revenue in the six months to June 30 was 226.8 billion yuan, up 18 per cent from the same period last year.
The company reported production costs for the period at $27.75 per barrel of oil equivalent, down from $28.20 in the first half of 2023.
CNOOC also said it would issue an interim dividend of 0.74 HKD ($.095) per share, inclusive of tax, a record high for the company.