CNOOC: H1 $5.47 BLN
State-run Chinese offshore oil and gas producer CNOOC Ltd reported a 2.3 percent drop in its first-half net profit due to a surge in production costs, but the fall was less than analysts had forecast.
CNOOC posted a consolidated net profit of 33.59 billion yuan ($5.47 billion) for the January-June period, lower than the 34.38 billion yuan profit for the same year ago period. That compared with an average forecast of 29.62 billion yuan in a Thomson Reuters poll of five analysts.
The firm closed its $15.1 billion acquisition of Canadian energy producer Nexen in February last year. CNOOC has said the acquisition will boost its annual output by 20 percent and proven reserves by 30 percent.
Once an investor darling for its high-growth profile, CNOOC has been struggling to boost production growth over the past few years as its existing major oilfields in China age.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.