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Chinese Oil Company CNOOC's Net Profit Surges 68.6 Per Cent

Posted on: Tuesday, 30 August 2005, 15:00 CDT

Text of report in English by official Chinese news agency Xinhua (New China News Agency)

Hong Kong, 30 August: The China National Offshore Oil Corporation (CNOOC) Limited announced Tuesday [30 August] that its net profit surged 68.6 per cent year over year to a historical high of 11.83bn yuan (Chinese currency) (1.46bn US dollars) for the six months ended 30 June, 2005.

The company's net production increased 14.9 per cent from the same period of last year to 420,325 barrels of oil equivalent (BOE) per day during the period.

For the period, the company's oil and gas sales increased 54 per cent to 24.73bn yuan (3.06bn US dollars), as a result of both production growth and a year over year increase of 36.4 per cent in realized oil price to 43.91 US dollars.

For the six months ended 30 June, 2005, CNOOC produced approximately 356,826 barrels of oil and 369m cubic feet of natural gas per day. Its net production offshore China increased 20.1 per cent to 383,583 BOE per day, in line with the company's full year target.

Chairman and CEO of the company Fu Chengyu commented, "Both the high oil price environment and well managed operation contributed to CNOOC Ltd's record results. We continued achieving remarkable organic production growth in the last six months."

Source: BBC Monitoring Asia Pacific

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