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

Offshore

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

CBP Aircraft Locates Vessel in Distress

U.S. Customs and Border Protection Office of Air and Marine agents assigned to the North Dakota Air Branch have located four people on Red Lake after a call

EMGS Reports 2Q and 1H 2014 Results

Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 42.5 million in the second quarter 2014, down from USD 61.3 million in the first quarter this year and from USD 44.

Finance

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

Bid to Rescue Clyde Shipbuilder Ferguson

Jim McColl, one of Scotland's richest men, has tabled a bid to rescue collapsed Clyde shipbuilder Ferguson and aims to return the yard to its former glory by creating hundreds of jobs,

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Repair 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: 0.1447 sec (7 req/sec)