CNOOC boosts profit in 1H 2019 despite weak oil prices

Beijing, August 30 - Neftegaz.RU. China´s CNOOC increased its oil and gas production by over 2 % during the 1st half of the year and boosted its profit for the period as oil and gas sales rose by 4.4 % to $13.2 billion.

The company’s amount of exploration and development activities reached a record high and, in the 1st half of the year, 16 new discoveries were made and 35 successful appraisal wells were drilled.

Oil and gas production remained stable in the 1st half of the year, with a net production of 243 million BOE, representing an increase of 2.1% year on year.

The company confirmed its capex for 2019 at $9.8 billion-$11.2 billion and said it plans to have 6 new projects on stream this year: the Egina oilfield, Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project and Appomattox project.

Yang Hua, Chairman of CNOOC, commented: “In the 1st half of 2019, with determined efforts to develop the company’s business through innovation, the management and staff devoted efforts in exploration and development activities through a pragmatic and enterprising approach, successfully increased oil and gas reserves and production levels achieving outstanding results in high-quality development.”