China's CNOOC reports profit increase of 7.9 percent over H1
AFPHONG KONG -- Chinese state-owned energy giant CNOOC Tuesday said its first-half net profit rose 7.9 percent year-on-year, with the company citing an improving outlook for the world's major economies.
August 21, 2013, 3:13 pm TWN
Net profit for the six months to June 30 was 34.38 billion yuan (US$5.61 billion), up from 31.87 billion yuan in the same period a year earlier, China's largest offshore oil and gas producer said in a filing to the Hong Kong stock exchange.
CNOOC, the Hong Kong-listed unit of state-owned China National Offshore Oil Corporation, said revenue rose to 139.03 billion yuan from 118.27 billion.
Production was up 23.1 percent to 198.1 million barrels of oil equivalent.
In February, the oil company completed a US$15.1 billion purchase of Canada's Nexen energy company, a move data analyst Dealogic described as China's largest foreign investment.
China is the biggest energy consumer in the world, the second-biggest consumer of oil, and has been snapping up resource assets across the globe in order to fuel break-neck growth.