Cnooc Net Rises to Record on China Demand, Oil Prices

Wednesday, August 30, 2006
Cnooc Ltd., China's biggest offshore oil producer, said first-half profit rose 38 percent to a record because of soaring energy prices and demand in the world's fastest-growing major economy. Net income increased to 16.3 billion yuan ($2.04 billion), or 0.39 yuan a share, from 11.8 billion yuan, or 0.29 yuan, a year earlier, the company said in a statement today. Profit beat the 15.6 billion yuan median estimate in a Bloomberg News survey of seven analysts. Rising earnings have given Chairman Fu Chengyu cash to seek oil and gas reserves in Asia and Africa, where Beijing-based Cnooc spent $2.7 billion buying Nigerian fields this year. China's third-largest oil company increased profit at a faster pace than bigger rivals PetroChina Co. and China Petroleum & Chemical Corp., which lost money at their refineries.

Total oil and gas production rose 7.4 percent to the equivalent of 81.7 million barrels of oil. Output from fields off China rose 7.2 percent to the equivalent of 74.4 million barrels of oil. The company made six new oil and gas discoveries in the first half of this year and started production at four oil and gas projects, Cnooc said in the statement. Cnooc increased earnings even as a shortage of equipment delayed repairs at a South China Sea field that accounts for about 5 percent of its output.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1155 sec (9 req/sec)