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

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Finance

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility,

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1716 sec (6 req/sec)