CNOOC sees net production up 9.3% in H1

CNOOC Limited made solid progress in reserves and production growth during the first half this year, with net production up by 9.3 percent year-on-year, the company said on Wednesday.

With the steady progress of technological innovation and green development, the company made seven new discoveries and successfully appraised 18 oil and gas bearing structures. Meanwhile, oil and gas production reached a new record high, with net production reaching 362.6 million barrels of oil equivalent, an increase of 9.3 percent year-on-year, a historic high for the same period, it said.

Production growth and higher realized oil prices drove up the company’s revenue from oil and gas sales to 185.1 billion yuan ($25.96 billion), growing 22 percent year-on-year. The net profit attributable to equity shareholders jumped by 25 percent year-on-year to 79.7 billion yuan, a historic high for the same period.

"In the first half of the year, CNOOC Limited accomplished new record highs for several key operating indicators, which fully represented the great success we achieved in reserves and production growth and value creation," said Wang Dongjin, chairman of the company.

"In the second half of the year, the company will strive to meet the annual production and operation targets, to pursue high-quality development of the company, while adhering to safety and compliance requirements in our operations."

zhengxin@chinadaily.com.cn