CNOOC First-Half Profit Jumps 23.4% to Record 85.8 Billion Yuan

CNOOC Limited reported first-half net profit attributable to shareholders of 85.8 billion yuan, up 23.4% from a year earlier and a record for the period. Oil-and-gas sales rose 20% to 206.1 billion yuan, while net production increased 3.7% to 398.7 million barrels of oil equivalent across Chinese and overseas operations. The company made four discoveries, appraised 16 oil-and-gas-bearing structures and brought five projects into production, including the Penglai 19-3 adjustment areas and Brazil’s Buzios 8. CNOOC kept its full-year production target at 780–800 million barrels of oil equivalent and declared an interim dividend of HK$0.94 per share.