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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter March 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Finance

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.3004 sec (3 req/sec)