CNOOC records record interim profit

Chinese offshore oil and gas company CNOC reported record first-half profits on Thursday, driven by production growth and higher oil prices.

Net profit attributable to shareholders rose 25 percent to 79.73 billion yuan ($11.19 billion), CNOOC said in a statement to the Hong Kong Stock Exchange.

CNOOC’s net oil and gas production rose 9.3 percent to 362.6 million barrels of oil equivalent as it expanded its reserve base.

Major discoveries during the period included Lingshui 36-1 in the South China Sea, the first ultra-deepwater natural gas field, and the Bozhong 26-6 and Penglai 9-1 oil fields. Overseas, CNOOC announced the discovery of over 100 million tonnes of oil and gas in the Bluefin field in the Stabroek Block in Guyana.

The Enping 21-4 oil field has set records in terms of offshore drilling depth, CNOOC added. The drilling depth exceeded 9,500 meters, the company announced in June.

The value of its oil and gas sales rose 22 percent to 185.11 billion yuan. Revenue in the six months to June 30 was 226.8 billion yuan, up 18 percent from the same period last year.

The company reported production costs for the period of $27.75 per barrel of oil equivalent, down from $28.20 in the first half of 2023.

CNOOC also announced an interim dividend of HKD 0.74 (US$0.095) per share (including tax), a record for the company.

(Reuters – Reporting by Colleen Howe in Beijing and Chen Aizhu; Editing by David Goodman)