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2014-08-28 18:10:00

CNOOC: H1 $5.47 BLN

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.

reuters.com

Tags: CNOOC, CHINA

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