CNOOC profits rocket

Chinese oil firm CNOOC’s net profits for the first half of 2011 rocketed up by 51%, the firm announced today. China’s largest producer of offshore crude oil and natural gas, […]

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By Vicky Ellis

Chinese oil firm CNOOC’s net profits for the first half of 2011 rocketed up by 51%, the firm announced today. China’s largest producer of offshore crude oil and natural gas, it made RMB 39.3 billion (£3.7bn).

The company put this down to cost cutting and efficiency measures paired with soaring oil prices that saw their price per barrel 41%% higher than last year, while gas prices were 15% higher.

The group also announced boosted oil and gas production of 13%. It has four major producing areas in offshore China, as well as assets in Indonesia, Australia, Nigeria, Argentina and the US.

Copyright: CNOOC