CNOOC NET LOSS ¥7.74 BLN
According to OGJ, China National Offshore Oil Corp. Ltd. posted a net loss of ¥7.74 billion for the first 6 months of 2016 against a profit of ¥14.73 billion a year earlier.
The company's average realized oil price was $37.70/bbl, a decline of 34.5% from a year earlier. The natural gas price dropped by 16.2% to $5.49/Mcf.
CNOOC's net oil and gas production worldwide in the first 6 months of 2016 reached 241.5 million boe, a 0.6% increase from a year earlier. Liquids production was up 1%, but natural gas was down 2%.
Domestic net production was 160.1 million boe, a 2.4% increase, and benefitted from production from two new projects in the western South China Sea and Bohai. Two others planned for 2016 are mechanically complete with expected startups by yearend.
Net production outside China decreased 2.9% to 81.5 million boe due to shutdown of the Long Lake oil sands project in Alberta.
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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.