AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

China's offshore oil and gas producer CNOOC Ltd reported its strongest semi-annual result since the second half of 2014 as the state oil giant's cost cutting programme and higher oil crude prices boosted profits. CNOOC made 16.25 billion yuan ($2.44 billion) in profit for the first half of 2017, beating the median of analysts forecasts of 5.7 billion yuan ($855.57 million), and up from net losses of 7.73 billion yuan ($1.16 billion) for the same period last year.
Revenue jumped 38 percent from a year ago to 92.36 billion yuan ($13.86 billion), the highest level since second half of 2014. Oil and gas sales rose 36 percent to 74.9 billion yuan. Global oil prices more than doubled in the first half of 2017 from the same period a year ago, benefiting oil majors. However, they have remained near $50 a barrel, about half of what they were in mid-2014. "International oil prices may continue to hover at a low level for an extended period," CNOOC said in a statement.
CNOOC, which ranks among the world's most competitive producers in term of production costs, said its all-in cost dropped 9 percent from a year ago to $31.74 per barrel of oil equivalent (boe). That is significantly lower than current crude prices of $52 a barrel. First-half output was 237.9 million boe, 52 percent of its full-year target of between 450 million and 460 million boe, it said. Oil and liquids output fell 2.1 percent to 198.2 million barrels, while natural gas output rose 1.6 percent to 231.4 billion cubic feet.

Comments

Comments are closed.