CNOOC reported HI profit amid higher upstream output.

摘要

The Chinese state energy firm reported a profit of 10.38B yuan ($1.50B) in HI 2020 after raising upstream output by 6.1% from HI 2019 levels to 1.42MM boe/d. CNOOC Ltd. reported an 8.0% year-on-year increase in domestic liquids production to 766K b/d due to higher output from its assets in the Bohai bay and the South and East China Seas. Overseas liquids output declined 5.6% year-on-year to 363K b/d due to high costs led by a 23.8% decline in its Canadian oilsands output to 53K b/d, and a 17.5% decline in its North Sea output to 57K b/d. Domestic gas output was up 18.1% year-on-year to 304.5B cf/d (47.0MM m3/d) mainly due to output growth in the South China Sea and the consolidation of coal-bed methane producer CUCBM from its parent company.