High prices,production growth boost CNOOC to first-half profit jump

摘要

Hong Kong-Chinese offshore producer CNOOC Ltd Aug 30 announced a 68.6% year-on-year increase in net profit for the first six months of 2005 to Yuan 11.83-bil(1.46-bil).Oil and gas sales jumped 54% to Yuan 24.73-bil as a result of a 36.4% rise in realized crude price to 43.91/bbl.Production growth in the first half also spurred CNOOC's rise in profits,with output climbing 14.9% from a year earlier to 420,325 boe/d.This included 356,826 b/d of crude and 369.000 Mcf/d of natural gas.Net production offshore China increased 20.1% to 383,583 boe/d,in line with the company's full-year target.