CNOOC Profit Soars 85% to US$8 Billion

Indonesia Finance

Wednesday, 23 March 2011 16:28

Theindonesiatoday.com - CNOOC Ltd booked net profit of RMB54.4 billion or about US$8.03 billion last year, soared 85% from 2009 on higher oil and gas prices. The company reported sales revenue of RMB183.05 billion last year.

The revenue surged 74% from 2009 on substantial growth of oil and gas sales, and marketing revenues. Oil and gas sales increased 77.7% to RMB149,118.7 million (US$22,008.8 million) in 2010 from RMB83,914.4 million in 2009, mainly due to the substantial increase in oil and gas production and higher realized oil prices.

CNOOC sold 262.8 million barrels of crude oil in 2010, representing an increase of 40.6% from 186.9 million barrels in 2009. Sales volume of natural gas increased 56.8% to 65.4 million BOE (379,595 Mmcf) in 2010 from 41.7 million BOE (238,480 Mmcf) in 2009. In 2010, CNOOC's oil and gas production was 328.8 million BOE, of which, offshore China and overseas operations contributed 262.8 million BOE and 66.0 million BOE respectively. The overseas production accounted for 20.1% of our total net production in 2010, compared with 17.4% in 2009.

The average realized crude oil price increased by US$16.98 per barrel, or 28.0%, to US$77.59 per barrel in 2010 from US$60.61 per barrel in 2009. The average realized natural gas price increased by US$0.26/Mcf, or 6.5%, to US$4.27/Mcf, in 2010 from US$4.01/Mcf, in 2009.

"In 2009, with annual oil and gas production volume reaching 227.7 million BOE, CNOOC Limited had already secured the leading position among the independent oil and gas companies in the world. At that time, the market was already concerned about whether the Company could keep its rapid growth momentum on top of such large production base. In 2010, CNOOC Limited proactively addressed such market concern by achieving net production of 328.8 million BOE, representing a significant increase of 44.4%," CNOOC said.

The Group mainly engages in the exploration, development, production and sales of crude oil, natural gas and other petroleum products in offshore China. Activities outside the PRC are mainly conducted in Indonesia, Australia, Nigeria, Argentina, the United States of America, Canada and SINGAPORE. (ferdi@theindonesiatoday.com)

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