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CNOOC Profit Up 69 Percent in First Half

Posted on: Tuesday, 30 August 2005, 09:00 CDT

HONG KONG - CNOOC Ltd., China's largest offshore oil producer, said Tuesday its net profit in the first half of 2005 rose 69 percent from last year, boosted by high oil prices.

It was the Chinese government-controlled company's first earnings report since it dropped a $18.4 billion bid for the U.S. oil company Unocal Corp. CNOOC cited a political uproar in Washington as the main obstacle for the deal that was scuttled earlier this month.

CNOOC said its net profit in the first half increased to 11.83 billion yuan ($1.46 billion), compared to 7.02 billion yuan for the same period in 2004.

The company didn't provide revenue figures in its first-half 2005 statement.

CNOOC said net production offshore China rose 20.1 percent to 383,583 barrels of oil equivalent.

In the first half this year, the company said it made four oil and gas discoveries and had four appraisal successes in waters off China.

Capital expenditure in the first half totaled 7.64 billion yuan ($943 million), with 860 million yuan ($106.2 million) spent on exploration and 6.76 billion yuan ($834 million) on development.

"Seven oil fields will come on stream in the second half of the year. We will see a more strenuous operating schedule and a more consolidated base for the production growth," CNOOC President Zhou Shouwei said in a statement.

Source: Associated Press/AP Online

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