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CNOOC posts record first-half profit as domestic output rises

Net profit attributable to shareholders increased 23.4% to 85.8 billion yuan, as net oil and gas production reached a record 398.7 million barrels of oil equivalent.

Reported · Written up by our desk · Energy

CNOOC reported a record first-half profit and production, reflecting higher realized crude prices and continued growth from its offshore fields, OilPrice reports. The company said net profit attributable to shareholders rose 23.4% year over year to 85.8 billion yuan, about $12.9 billion, helped by stronger pricing and higher sales.

Oil and gas sales revenue climbed 20% to 206.1 billion yuan. CNOOC also pointed to a 23.6% increase in its average realized oil price to $85.49 per barrel during the first six months, while its realized natural gas price rose 1.3%.

The company said net oil and gas production increased 3.7% to a record 398.7 million barrels of oil equivalent, including 275.2 million boe produced in China. Crude oil and liquids output grew 4.8% to 310.3 million barrels, with Beijing’s long-running push for more domestic supply gaining urgency amid disruptions to imported energy routes.

OilPrice also linked the strategy to geopolitical pressure, noting that the Iran war disrupted traffic through the Strait of Hormuz, one of China’s key oil-supply routes. CNOOC said full production began in May at the first phase of its Kenli 10-2 development in the Bohai Sea, and that the project is producing more than 20,500 barrels per day.

Latest closeWTI crude $81.58 ▼0.9%|Nat gas $2.918 ▲5.3%

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